Ah, the fickle dance of Bitcoin, a spectacle most absurd! Though its price hath leapt with vigor, the broader canvas doth paint a scene most grim for this digital treasure. Lo, a new on-chain analysis hath emerged, suggesting that this recent ascent may but a fleeting jest, with macroeconomic forces pulling the strings like puppeteers of old. 😏
The Weak Yen‘s Silent Lament: No Crypto Waltz This Time 🌐
In a missive from the wise minds at XWIN Research Japan, posted on the CryptoQuant stage, it is proclaimed that Bitcoin’s market doth tarry in a “post-rebound adjustment” phase, far from a full recovery’s embrace. They begin with the Bank of Japan’s rate hike to 0.75%, a move so anticipated it left the yen as feeble as a courtier’s wit. Historically, such weakness hath spurred ‘yen-funded carry trades,’ where Japanese investors borrow yen to chase profits in cryptocurrencies. Yet, this time, the script doth deviate from its usual course! 🧐
This tale doth hinge on the Bitcoin: Estimated Leverage Ratio, a metric that spies on traders’ leverage in futures markets. XWIN Research Japan notes a decline in this ratio, with no recovery even as Bitcoin’s price doth flutter. Thus, it is clear: “yen-funded carry trade-driven risk-taking remains contained,” a far cry from the exuberance of yore. 🧮
Coinbase Premium Index: A Silent Audience, No Applause for Spot Demand 🎭
Meanwhile, a critical sign of a bull market’s vigor is absent from this stage. The Coinbase Premium Index, which measures the price difference between Coinbase and global exchanges, hath risen from its depths but only to moderate heights. This doth signal easing selling pressure, yet U.S. spot investors remain as uninterested as a noble at a peasant’s feast. 🥱
XWIN Research Japan concludes that while the yen remains weak, “the lack of sustained spot buying doth imply that this recovery is but a mirage, not a structural uptrend.” Yet, a twist in this comedy could change the tale: should the Coinbase Premium Index enter positive territory and prices rise without heightened leverage, it would be a sign of demand-driven accumulation, a true triumph! 🎉
At this hour, Bitcoin stands at $88,034, with CoinMarketCap reporting a modest 0.84% loss in the last 24 hours. A mere hiccup in its grand performance? Only time shall tell. 🕰️
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2025-12-21 13:17