Top Twitter threads of the day – September 26th

Historically, this has been the look of a $BTC bottom, with both short-term & long-term holders now being underwater on average.

The attention now is turned towards the denominator of BTC/USD; more USD strength could place further pressure on the market short-term. pic.twitter.com/6Qcx6m3UDJ

— Dylan LeClair (@DylanLeClair_) September 26, 2022

Currently ~71% of circulating supply hasn't moved in approximately 6 months.

27% of circulating supply has been held for ~6 months and is currently underwater. These coins likely are not selling.

The supply inelasticity of $BTC cuts both ways. Something to keep in mind… pic.twitter.com/pLKV0SsoD1

— Dylan LeClair (@DylanLeClair_) September 26, 2022

Given that such a large percentage of the supply looks to be price agnostic, a small amount of marginal selling/buying can dramatically influence the exchange rate.

USD strength is bearish short-term, but it allows the maximalist cohort to acquire a greater share of the float…

— Dylan LeClair (@DylanLeClair_) September 26, 2022

Not calling bottom, but from a fundamental standpoint, in hindsight the best time to buy BTC is when everyone is underwater.

We're there, but a volatility panic in legacy would assuredly send the market lower in the interim.

Check out 30d change of the average holder cost basis pic.twitter.com/yqFkyVRdAQ

— Dylan LeClair (@DylanLeClair_) September 26, 2022

You still need net inflows to push the market higher, which we're not really seeing,

But as each day passes, crazy bitcoiners from all corners of the planet acquire a greater share of the float.

Similarly, the marginal production cost of BTC will continue to march higher. pic.twitter.com/APHmzRWS5u

— Dylan LeClair (@DylanLeClair_) September 26, 2022

Skeptics should really do their best to understand this:

Hash rate continues to rise.

As hash rate rises, so does mining difficulty. Supply inelasticity + rising miner difficulty = programmatically rising marginal production cost.

(Note: Log scale for both)

Seems important. pic.twitter.com/XtUgkozTvi

— Dylan LeClair (@DylanLeClair_) September 26, 2022

To re-emphasize:

Price is set at the margin, for any asset, but particularly for one that is absolutely scarce & predominately hoarded by price agnostic holders.

Short-term macro headwinds are here, no doubt. But given the info covered above, what's the ultimate outcome?

END/

— Dylan LeClair (@DylanLeClair_) September 26, 2022

1/1 #Binance will burn some #TerraClassic boys! It's the first time in history when a CEX is burning #crypto.

How did we get to such an outcome? Who is responsible for this historical event?

Find all the answers here! A thread by @esatoshiclub

— Satoshi Club (@esatoshiclub) September 26, 2022

2/11 @Binance & @cz_binance are, as always, our #crypto role models. Simply put, if you somehow missed CZ's thread, #Binance will burn $LUNC at their expanse, not at their users'.
Binance will collect the trading fees on LUNC/$USDT and LUNC/$BUSD, convert them to $LUNC and burn.

— Satoshi Club (@esatoshiclub) September 26, 2022

3/11 However, this plan is slightly different from the one CZ tweeted about last week. What changed his mind?

Yeah, it was the #LUNCCOMUNNITY. These guys know what they're doing! To make the biggest #cryptoexchange in the world listen to you, man, that's awesome.

— Satoshi Club (@esatoshiclub) September 26, 2022

4/11 Even after the disappointing #DoKwon saga, they found a way to keep $LUNC going. Pure bravery!

United, the #web3 community can achieve wonderful things. Well done guys, appreciate it.

— Satoshi Club (@esatoshiclub) September 26, 2022

5/11 In the meantime, #CZ is slowly taking over Do Kwon's lost empire.

Nothing serious or illegal, just taking over people's hearts by actually listening to what they are trying to say. Well done @cz_binance, we knew you are a man that can hear a community!

— Satoshi Club (@esatoshiclub) September 26, 2022

6/11 Returning to our question in the first tweet (hey, psst, don't forget to RT) — Yes, there actually were some precedents.
Whoa Whoa, slow down, we are talking about non-formal leaders that, due to various reasons, are literally taking over the project.

— Satoshi Club (@esatoshiclub) September 26, 2022

7/11 Let's start with our beloved @VitalikButerin. Yeah, we'll add him in every thread)).

After he pumped the #SHIB price by burning over 50% of the total supply, the #SHIBARMY proclaimed him their non-formal leader and protector. We are talking about that 900% pump from 2021.

— Satoshi Club (@esatoshiclub) September 26, 2022

8/11 Second in our queue is @elonmusk, the #DOGE godfather. The name comes from his obsession with @dogecoin – a meme coin that with his help gave birth to hundreds of millionaires.
Although his relationship with #DOGE is a little weird, DOGE is his pet project now.

— Satoshi Club (@esatoshiclub) September 26, 2022

10/11 As for $LUNC's nearest future, it has now a slightly bigger chance to thrive again as a reborn #cryptocurrency or… it can repeat #LUNA's fate. Both scenarios are on the table.

Don't get tricked by today's pump. This 37% is fueled by the media buzz, nothing more.

— Satoshi Club (@esatoshiclub) September 26, 2022