This last week was interesting to say the least but the most interesting thing to watch was the incredibly influx of volume into 
BTCUSD
As the week progressed into Thursday and Friday and equity markets sold off big the volume of trading in Bitcoin more than doubled... yet the price remained stagnant.
A month ago I did a study of correlation and relative movements between stocks and Bitcoin to answer the question: "What would happen to Bitcoin if Stocks Crash?" The TL;DR was that 75% of all weeks exhibited a positive correlation with nearly 50% a "high" correlation. Also, when equities have sold off big over the past decade Bitcoin had sold off at least two times or more.
Correlations are not an absolute and can change but this week something unique was clearly going on. If the standard correlation had been allowed to play out on ThursdayBTCUSD would have fallen more than -8% and Friday more than -11%. It would have triggered mass liquidations. But that did not happen.
This was a critically important Support for Bitcoin to hold and someone knew it... enter Ryan Cohen.
Michael Saylor with
MSTR is definitely NOT the one deploying cash to prop up Bitcoin.
His buys have been entirely NOT-Strategy-ic and has mostly bought highs. He has made a virtue out of being a really bad "trader" uncaring about price and timing. That plan has not worked to push Bitcoin to new a new All Time High nor saved it from the bear trend in 2025.
Cohen, however, is a renowned trader/investor that should know market structure and would have the sense to deploy cash at the perfect time. Just this week two things happened: Cohen took out a loan backed by his
GME shares and GameStop completed a convertible note offering, like Microstrategy has done, to raise 1.4 Billion in cash to buy Bitcoin. That gave him lots of cash at the critical point at the end of the week.
So do they get to win? Very possible. It depends on equities. If stocks rise in the coming week then the Bitcoin correlation may resume andBTCUSD be lifted. If the U.S. economy enters a recession, the stock market route deepens, or if they used all of their available cash to exhaustion then the plan could fail and Bitcoin will fall in sync.
BTCUSDAs the week progressed into Thursday and Friday and equity markets sold off big the volume of trading in Bitcoin more than doubled... yet the price remained stagnant.
A month ago I did a study of correlation and relative movements between stocks and Bitcoin to answer the question: "What would happen to Bitcoin if Stocks Crash?" The TL;DR was that 75% of all weeks exhibited a positive correlation with nearly 50% a "high" correlation. Also, when equities have sold off big over the past decade Bitcoin had sold off at least two times or more.
Correlations are not an absolute and can change but this week something unique was clearly going on. If the standard correlation had been allowed to play out on Thursday
BTCUSD would have fallen more than -8% and Friday more than -11%. It would have triggered mass liquidations. But that did not happen.This was a critically important Support for Bitcoin to hold and someone knew it... enter Ryan Cohen.
Michael Saylor with
MSTR is definitely NOT the one deploying cash to prop up Bitcoin. His buys have been entirely NOT-Strategy-ic and has mostly bought highs. He has made a virtue out of being a really bad "trader" uncaring about price and timing. That plan has not worked to push Bitcoin to new a new All Time High nor saved it from the bear trend in 2025.
Cohen, however, is a renowned trader/investor that should know market structure and would have the sense to deploy cash at the perfect time. Just this week two things happened: Cohen took out a loan backed by his
GME shares and GameStop completed a convertible note offering, like Microstrategy has done, to raise 1.4 Billion in cash to buy Bitcoin. That gave him lots of cash at the critical point at the end of the week.So do they get to win? Very possible. It depends on equities. If stocks rise in the coming week then the Bitcoin correlation may resume and
BTCUSD be lifted. If the U.S. economy enters a recession, the stock market route deepens, or if they used all of their available cash to exhaustion then the plan could fail and Bitcoin will fall in sync.Trade active
Well... turns out they were not at their desks on Sunday to hold it up!
"Be to others the person you needed to meet 10 years ago"
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
"Be to others the person you needed to meet 10 years ago"
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.