#811 Bitcoin Steady After A Rough Start To 2022 w/ Dylan LeClair

— Bitcoin's high correlation (0.93) with NASDAQ futures means it's increasingly treated as a risk-on asset by macro allocators, despite traditionally being viewed as a monetary safe haven by Bitcoin holders.

— Perpetuals funding rates have recently turned negative or flat, indicating speculative leverage has been squeezed out and long positions have largely capitulated, which is historically bullish for recovery.

— On-chain metrics show long-term holders accumulating supply while short-term holders capitulate at losses—a pattern that historically precedes strong bull markets.

— Bitcoin's settlement efficiency vastly outperforms other chains: $35 billion in daily transfer volume at only $0.0001% cost, making it the only truly purpose-built decentralized monetary settlement network.

— Support levels identified at $32,000, $30,000, and $28,000; resistance likely at major round numbers until macro sentiment flips and weak hands fully exit.

— Current market sentiment is healthier than during peak euphoria, with institutional figures like Michael Saylor and Bill Miller continuing to accumulate rather than capitulate.

— Monitor perpetuals funding rates and the cost basis ratio between short-term and long-term holders as leading indicators of bull market readiness; current conditions show healthy purging of weak hands rather than dangerous overleverage.

— Accumulate during periods of low sentiment and macro uncertainty (VIX spikes, equity selloffs) when derivatives are unextended, as these historically precede sharp Bitcoin rallies once the macro environment stabilizes.