#Bitcoin $100K Within Reach, But Clouds Loom Ahead...With Implied Volatility gapping higher
đ1-14) Bitcoinâs dominance has surged above 60%, with altcoins, particularly #Ethereum, continuing to lag in this rally. A key driver behind Bitcoinâs momentum is the relentless rally in @MicroStrategy shares, fueled by two crucial factors. In anticipation of the expected Q4 Bitcoin breakout, we introduced the concept that MicroStrategyâs rising share price could have a "tail wags the dog" effect on Bitcoinâs price (here). This dynamic stems from MicroStrategyâs strategy of consistently upsizing capital raises through debt offerings, pushing Bitcoin prices higher as these funds are used to accumulate Bitcoin.
đ2-14) Viewed through this lens, MicroStrategyâs valuation should not be directly compared to Bitcoinâs price. Bitcoin itself is not the liability associated with these capital raises. Instead, the liability is tied to treasury yields, convertible debt, or even the broader US dollar poolâassets that MicroStrategy effectively borrows to acquire Bitcoin. This distinction highlights a unique relationship between the company and its growing Bitcoin treasury.
đ3-14) But with implied volatility gapping higher, there is .... full report: https://mail.10xresearch.co/p/bitcoin-100k-within-reach-but-clouds-loom-ahead-with-implied-volatility-gapping-higher
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#BTCâïž #Pendle #SUIđ„đ„đ„đ„ #ENAUSDTđš
