In what can only be described as a moment of exquisite irony, that old curmudgeon Peter Schiff, a man whose devotion to gold borders on the fanatical, appears to have, dare one suggest, softened his pronouncements on Bitcoin. One imagines the horror he must feel, admitting, however obliquely, that the digital upstart has a trick or two up its sleeve. 😮
“Never say never, especially when it comes to Bitcoin prices. I’ve learned that lesson,” Schiff bleated on X, a platform presumably more accustomed to pronouncements of doom and despair. This followed an earlier outburst of bewildered surprise at Bitcoin’s frankly vulgar surge past \$110,000: “Bitcoin is back above \$110K, what’s up with that?” One pictures him clutching his pearls, aghast at the sheer audacity. 😲
Never say never, especially when it comes to Bitcoin prices. I’ve learned that lesson.
— Peter Schiff (@PeterSchiff) June 10, 2025
Bitcoin, that digital bauble, actually clambered above \$110,000 on Monday, for the first time in a fortnight, causing a ripple of excitement amongst the digital glitterati. The leading cryptocurrency, a term that always sounds faintly ridiculous, was last seen changing hands at around \$109,257, a rise of 1.81% in the last 24 hours. One shudders to think what the next 24 might bring. 😨
BTC, as the vulgar acronym has it, has clawed back nearly 5% in the last week, after plumbing the depths of \$100,377 on June 5. At these dizzying heights, Bitcoin is a mere 2.38% below its all-time high of \$111,814, achieved in May. The relentless march of progress, or perhaps just a particularly fevered dream. 🤔
Schiff, that tireless advocate for gold and inveterate Bitcoin skeptic, has long questioned its value and, more importantly, its sustainability. However, as Bitcoin continues to thumb its nose at conventional wisdom, even this most stubborn of critics seems to be, ever so slightly, yielding. Perhaps the lure of lucre is too strong even for the most ardent gold bug. 😈
Bitcoin shorts liquidated
According to Glassnode, an institution whose pronouncements are treated with the utmost seriousness by those in the know, Bitcoin shorts were unceremoniously liquidated as the price surged from \$105,000 to \$107,000 in a mere four hours on June 9. This was, apparently, due to a wave of short liquidations. Total short liquidations increased from \$105,000 to a staggering \$359,000 (24-hour SMA). Last week’s negative funding rates indicated an increased appetite for shorting, and those bets were, to put it mildly, squeezed. Ouch! 🤕
Yesterday’s BTC futures short liquidations reached \$5.74 million, with the 24-hour SMA sitting at a comparatively paltry \$768,252.14. Meanwhile, the long-side premium for BTC has climbed significantly over the last 12 hours, reaching \$270,480. One can only imagine the champagne corks popping amongst the Bitcoin faithful. 🥂
While derivatives indicate potential overheating (rising short liquidations, increasing long-side premium and rising open interest), the funding rate increase is only slight. The perpetual futures funding rate shows a slight uptick, with values ranging from 0.0003% to 0.023% across exchanges and a mean of 0.0016%. So, nothing to worry about then? Or perhaps everything? The suspense is simply unbearable. 😫
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2025-06-10 19:38