Why James Sold ALL His Bitcoin

This is your warning - don’t panic. Capitalize. June 24, 2024 [WEBSITE]( | [UNSUBSCRIBE]( This is your warning - don’t panic. A storm is swelling to the upside. Don’t get left behind. Why James Sold ALL His Bitcoin CHRIS CAMPBELL Dear Reader, In 2016, after the halving, the Bitcoin price dropped from about $1,300 to $950. Sounds trivial in retrospect, but… It shook A LOT of people out. Then what happened? It soared from $950 to $20,000 within a year. The people who sold got left behind. In 2020, the same thing happened after the halving… Bitcoin dropped from about $20,000 to almost $15,000. Again, sounds trivial - but a lot of people called it quits and ran for the hills. Then, Bitcoin skyrocketed to over $68,000. Fast-forward to now: Bitcoin fell from $72,000 to [checks price] a little over $60,000. Can it go lower? Of course. But it can also go higher - a lot higher. And if it repeats past post-halving runs, we’re looking at prices that will shock even ardent critics into FOMO. There’s not just one thing that’s driving the price. Mainstream media likes to parade around the things that are easy to understand: -> Mt. Gox repayments. -> Germany sells its dark web money. -> Miners are selling big-time -> Record shorts! -> Record outflows! -> Record inflows! Most of the time, the people pushing these stories want to scare you. So they don’t take the time to explain the more complex stuff. They want you to think the price is being manipulated and suppressed. Today, I’m going to break down a simple trade that most Bitcoin holders don't understand - and risk getting shaken out because of it. I’ll cover: A.] Why it’s happening B.] What it means C.] Why it’s bullish D.] Why James sold all his Bitcoin [CRITICAL] Announcing A Major Change To Your Subscription! I’m reaching out because I’ve just announced some exciting new changes to Altucher’s Investment Network. And as one of my readers, I wanted you to be one of the first to know, because this could impact your subscription in a major way. In short, I’m announcing 3 highly valuable new benefits for subscribers, along with an entirely new “Pro” level of service. For a limited time, because you’re one of my VIP subscribers, I’ve arranged to upgrade your subscription at no additional cost to you through this offer. [Click here now for the urgent details.]( Long Spot, Short Futures Since early June, crypto traders have been scratching their heads watching three things happen despite all the bullish catalysts; - Reports of record short positions in Bitcoin futures. - Reports of record outflows of Bitcoin - Bitcoin continuing its downsloping chop, despite all of the seemingly bullish catalysts. Earlier this month, for example, Zero Hedge posted this chart, revealing Bitcoin hedge fund net shorts - absolute record-breaking: Many interpreted this as institutions being mega-bearish on Bitcoin. Wrong. Institutions were just taking both sides. The simple term for it: Cash and carry trade. The cash and carry trade is a common practice in futures and more recently crypto markets. It involves buying Bitcoin in the spot market (buying the actual Bitcoin now) and selling futures contracts (agreeing to sell Bitcoin at a future date for a set price). Traders were paying an interest rate (10%) to use leverage. Other traders can use this premium as an arbitrage opportunity. It's like buying apples today for $1 each and agreeing to sell them in six months for $1.10 each, guaranteeing a profit of $0.10 per apple. It's as close to a “riskless” profit as one can get in crypto (barring any unforeseen counterparty risks, of course). By being long on the spot market and short on futures, traders are not affected by Bitcoin price changes. They won't be liquidated unless they mishandle their collateral or strategy. What it Means In theory, this trade is supposed to be neutral. In practice, it can cause downward pressure. When traders want to unwind this trade, they must sell the spot ETFs and long the futures. Spot and ETF markets are much smaller than futures markets, and are more sensitive. This can then lead to a chain reaction where the basis (price difference) collapses, leading to more selling. This can also cause FEAR. Right now, about 25% of short-term holders are currently in profit - meaning, 1 in 4 positions are held at a loss. This means they are more likely to panic sell. It seems we’re starting to see a bit of that. Funding rates are down, making this trade less attractive. Also, ETF volumes are low, making it harder for the market to absorb large sell orders. Don’t panic. The overall trend remains bullish. A storm is swelling to the upside. And Yet, James Sold Continued inflows from institutions and pension funds could drive Bitcoin's price to new heights, potentially reaching $250,000 in the near future. James is calling this [“Crypto’s 4th Boom.”]( And, although he thinks Bitcoin could hit $250,000 sooner than most think… He sold ALL of it, and has no intention of buying any Bitcoin back. Why? Because we found a better plan. [Click here for more.]( Until next time, Chris Campbell For Altucher Confidential Rate this email Like Dislike Thanks for rating this content! Looks like something went wrong. Please try to rate again. Congrats, you earned this… As one of my readers, you qualify for [this special deal.]( Only a small fraction of our readers will have the chance to see this. Fortunately, you’re one of them. All you have to do is [click here now to see how to claim your special deal.]( You Might be Interested in... [The Scourge of Higher Education]( [US Dollar making big Currency moves. Your move next. 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