Bitcoin Breakthrough Marks New Market Regime: GSR
Bitcoin (BTC) has broken through the $80,000 barrier for the first time since May, marking what GSR's managing director of asset management, Andy Baehr, calls a new market regime.
Baehr, who spent 25 years on Wall Street derivatives desks before moving to digital assets, notes that the stagnation of the summer was measurable and turned fast when news of Treasury buybacks in long-dated bonds arrived alongside a planned White House gathering of crypto executives.
The move saw trapped bears absorb $1.06 billion in liquidations in a single day as the breakout gathered pace, with spot Bitcoin ETFs adding nearly $2 billion in net inflows over five days and call option demand returning.
Baehr believes that all these signs indicate that this rally is for real and expects more energy to follow.