Bitcoin / Crypto Leverage Clean-out
Sunday April 14th
Last Week: Challenge Account 6k to 70k (Started Late Oct. 2023)
Super tough week and I realized -37k on CLSK MARA options along with a few smaller positions in MSTR.
Relevant Topics, News, and Data:
Earnings
Iran / Israel Tensions
Massive bid in VIX on Friday
Weekend Crypto funding rates (relatively) negative after wipeout
Massive decrease in Open Interest (OI) in crypto
Theoretically with the large attention on the middle east escalation, over hedging Friday in Tradfi, and Bitcoin/Crypto wipeout, we should be finding a bottom this week. It’s pretty clear that the market is heavily skewed bearish. The only thing that would cause more selling is another NEW volatility event.
Data this week: Summary and Comments Below
M: Retail Sales
T: Powell speaks
Moderated Discussion with Tiff Macklem, Governor of the Bank of Canada
At the Washington Forum on the Canadian Economy, Washington, D.C.
W: 20y bond auction / Fed Speakers
TH: Jobs / Manufacturing Data, Existing Home Sales, and Williams/Bostic
F: No data
Earnings start to roll in and there is less data releases. I am interested to see how the Powell discussion starts to shape up by Tuesday.