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This episode examines the mechanisms behind Bitcoin’s decline below ninety thousand dollars, including one point five billion in futures liquidations, four hundred million in whale exchange deposits, and nine hundred million in spot ETF outflows. We cover the structural failure in Japanese government bond markets, where a twenty year auction produced a bid to cover ratio of three point one nine and insurers sold five point two billion in long duration bonds in December. The briefing concludes with analysis of short term holder cost basis layers at ninety thousand, ninety two thousand five hundred, and ninety nine thousand three hundred dollars that now define resistance structure for any price recovery.