00:00 Speaker A
Bitcoin did not drop 6% because Sailor sold 32 coins. That was 6% in one day. We obviously have a 10% drop now in 48 hours, 12% on the week, 200 billion in crypto market cap gone. So, listen, uh just to do some math, right?
00:12 Speaker A
Uh 32 coins is a couple million bucks, right? Bitcoin daily spot volume is 20 to 50 billion dollars a day in volume.
00:19 Speaker A
That’s 290,000 to 700,000 Bitcoin a day. Sailor sold 32 Bitcoin and he did it over five days.
00:26 Speaker A
We’re talking about 0.005% of one day’s of volume. So clearly Sailor’s sell did not have a massive impact here on the market.
00:32 Speaker A
I would say that there’s probably five major catalysts right now for why Bitcoin price has dropped in the last 48 hours. The first one we’re seeing now all over the media.
00:40 Speaker A
Bitcoin plunges below 66,000 as global stocks, AI trades hit fresh records.
00:47 Speaker A
So this is the story that I’ve been telling you about about the AI capital rotation, but there’s some big news that actually supports this.
00:53 Speaker A
Alphabet’s $80 billion dollar raise, including 10 billion from Berkshire. Of course, SpaceX’s road show is beginning as well.
00:58 Speaker A
We have Anthropic announcing that they will IPO. We have OpenAI lining up for their IPO as well. We are talking about hundreds of billions of dollars in capital that will be chasing the hottest narrative, the biggest FOMO narrative that we have on Wall Street.
01:09 Speaker A
That is going to reasonably take a lot of liquidity out of anything.
01:12 Speaker A
Now we had another story, I’m just going to kind of cook through these nothing to show here. Mount Gox moved 10,422 Bitcoin.
01:17 Speaker A
That’s the 2014 exchange that crashed the market back then. These are not for sale, but it always spooks the market when this happens.
01:23 Speaker A
Of course, we have Iran headlines, Iran bombing multiple countries when we’re supposed to be in a ceasefire, that always spooks the market.
01:30 Speaker A
We have ETFs now on a historic 12 straight days of bleeding. I told you about the 11 days yesterday at $3.5 billion total.
01:36 Speaker A
Now, 1.8 billion dollars liquidated in 24 hours. That’s the most since February, which uh was when Bitcoin, you know, went down to 60k.
01:43 Speaker A
Now, I told you at the beginning that the not that the sailor selling 32 coins is not the major story, but there still is a sailor story here, right? And it’s this one right now.
01:51 Speaker A
I mean, take a look here on Yahoo Finance. Strategy Inc, STRC stretch trading at 96.56.
01:57 Speaker A
So I’ve told you many times, this is supposed to trade at $100, supposed to trade at par. Every time it goes over $100, that’s when Sailor is able to buy Bitcoin.
02:04 Speaker A
It could be the case that the biggest buyer in the market who buys billions of dollars a month in Bitcoin every month, could be running out of dry powder and what happens to the asset if confidence in Sailor buying Bitcoin runs out.
