Chainfeeds Summary:
BTC has hit a new high again, and the epic 6-month high consolidation period is about to come to an end. Based on the observations of the industry in the primary and secondary markets over the past 6 months, Metrics Ventures has published an article in an attempt to guide the future crypto asset management thinking.
Source:
https://metricsventures.notion.site/Metrics-Ventures-14035f030fa9800d8437cafbc8f047db
Author:
Will
Viewpoint:
Metrics Ventures: The core idea of this article: The asset property of BTC has completed a new qualitative change in the past 6 months, and the old and new main capital have completed the handover of pricing power. A new capital pool that takes BTC as the core asset, ETF and US stocks as the capital inflow channel, and uses US-listed companies represented by MSTR as the carrier of the Ponzi model to infinitely absorb US dollar liquidity has been officially launched. BTC has become the most core US dollar asset outside the US dollar industry cycle (such as AI) leaders. The long-term low-volatility upward trend has basically taken shape. But at the same time, the decoupling trend between the traditional digital currency market (Altcoins) and BTC will continue to strengthen. BTC has found a clear definition of its own asset properties: - BTC is an alternative reserve asset that can hedge the risk of US dollar debt, outside the traditional financial framework. This concise definition has given BTC the most important basis for becoming the center of the future US dollar asset system. The US debt problem has already become the elephant in the room and will be a core issue in the US fiscal and monetary system in the long run. Facing the super-expected big government of Trump, enough giant Hedge Funds (1B+) founders have begun to publicly express their attitudes and use BTC as a hedging tool in the US debt risk trade. - The new Ponzi model of BTC has been established in the past 6 months. Since the approval of the ETF, the new BTC Ponzi model led by BlackRock has begun to take shape. This system, with the ETFs actually controlled by BlackRock and Microstrategy, in which BlackRock is the second largest shareholder, as the infinite buyer and locker, takes the overall low volatility and upward trend of BTC as the core essence, and creates the possibility of BTC as a market capitalization management tool through the stock price effect of MSTR, and opens up the future passive buying of US stock ETFs, forming a BTC Ponzi model that can achieve infinite self-positive reinforcement. The manager believes that the key points that need to be grasped for the future 5-year trend of BTC are: 1. The current is the real turning point of US dollar liquidity, and the right-wing US government led by the Republican Party will further ensure that US dollar liquidity will be more relaxed than expected; 2. From the current BTC daily trading volume and MSTR stock price performance/market value, the current capital capacity is still in the early stage and is far from the turning point; 3. Under the first two premises, the on-chain chips are still flowing out like the tide, and the high-level consolidation in the past 6 months has actually completed the epic handover of old and new chips.
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