Crypto’s $2 Trillion Wipeout

Since peaking in early October, the market cap of all cryptocurrencies has slid from a $4.3 trillion peak to about $2.3 trillion today:

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Following a series of massive liquidations, crypto has erased $2 trillion in market cap since October. (Source: Kobeissi Letter)

In comparison, gold’s 9% haircut last Friday wiped out a similar $2 trillion valuation.

We forecast markets would hit historic highs before getting chopped in half. Bitcoin and cryptos as a block are leading the way early in the year.

We’ll be talking to Mark Jeftovic tomorrow about tge big pops and drops lately and how to play them. The price action at the top is a feature — not a flaw — of this “Most terrifying bull” market.

~ Addison

P.S. Mark Jeftovic’s joining us at a special time this week for Grey Swan Live! — Friday, February 6, at 2 p.m. ET. He’s going to help us unpack a set of signals in crypto and Dollar 2.0 digital assets that rarely appear at the same time — and almost never by accident.

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Mark will walk us through what’s happening with bitcoin, and what to expect next when capital, policy, and power start pulling in the same direction. Fascinating stuff!

Our Banyan Hill Publishing partner has an exciting crypto play via Ian King Next Gen Coin. Learn more about it here.

Since peaking in early October, the market cap of all cryptocurrencies has slid from a $4.3 trillion peak to about $2.3 trillion today:

Turn Your Images On

Following a series of massive liquidations, crypto has erased $2 trillion in market cap since October. (Source: Kobeissi Letter)

In comparison, gold’s 9% haircut last Friday wiped out a similar $2 trillion valuation.

We forecast markets would hit historic highs before getting chopped in half. Bitcoin and cryptos as a block are leading the way early in the year.

~ Addison

Turn Your Images On

Mark will walk us through what’s happening with bitcoin, and what to expect next when capital, policy, and power start pulling in the same direction. Fascinating stuff!

Our Banyan Hill Publishing partner has an exciting crypto play via Ian King Next Gen Coin. Learn more about it here.

Debts and deficits will eventually cause a crisis. Treasury Secretary Scott Bessent’s effort to help bail out the Japanese Yen this week is entirely motivated by self-preservation. The contagion signal flashing in Japanese bonds since late ‘25 is infecting the BOJ, which may be forced to sell U.S. Treasurys to stabilize its own currency.

The copper price is no doubt benefiting from inflation driven by money printing. But the doc don’t lie. Copper’s new all-time highs, while gold and silver still languish, are a sign the AI growth story is also that of the global economy itself.

Many miners were profitable with gold around $2,000 and silver near $50. At sustained prices closer to $4,000 gold and $60 silver, the arithmetic changes dramatically.

The stock market is getting an unexpected boost to kick off August, bucking the historically weak summer session for the U.S. stock market.

What’s happening? The Bank of Japan and the U.S. Treasury are making a coordinated effort to support Japanese yen; a move last attempted nearly 30 years in the height of the Asian Financial contagion (1998).

Many miners were profitable with gold around $2,000 and silver near $50. At sustained prices closer to $4,000 gold and $60 silver, the arithmetic changes dramatically.

The stock market is getting an unexpected boost to kick off August, bucking the historically weak summer session for the U.S. stock market.