Well, hmm. I used to say bitcoin's price always moves first because its the most "liquid" in the strict sense of liquidity in itself. But silver moved first this time. Gonna have to think about this.
yeah, i had the same thought too and it was largely true. but i think the picture has changed, because the players in bitcoin market now still are essentially not seeing bitcoin as a commodity, and so they race to gold and silver first, as it's written in all their texts that it's a hard commodity, but none of the texts or writers or podcasters are saying this about bitcoin in fiat casino land.
note that while the metals went sharply up first, they also went sharply down first. the typical advice pegs bitcoin as a "keep 1-5%" asset, and so, when leveraged bets on metals went south, they liquidated this "unimportant, volatile, commodity-like asset", which then has triggered a liquidation cascade that we are seeing now.
as far as i can tell, the whole 58k gang meme is about what the price level is in this cycle. the people who are holding, bought in under there, and they aren't selling. but the fiat finance "get your 1-5% allocation" followers, bought in at that level so they are under water.
once all those clowns are flushed out, it will bounce violently.
note that while the metals went sharply up first, they also went sharply down first. the typical advice pegs bitcoin as a "keep 1-5%" asset, and so, when leveraged bets on metals went south, they liquidated this "unimportant, volatile, commodity-like asset", which then has triggered a liquidation cascade that we are seeing now.
as far as i can tell, the whole 58k gang meme is about what the price level is in this cycle. the people who are holding, bought in under there, and they aren't selling. but the fiat finance "get your 1-5% allocation" followers, bought in at that level so they are under water.
once all those clowns are flushed out, it will bounce violently.