We pointed out the latest from JPM on the horrible bitcoin liquidity. Huge volatility and poor liquidity is not the place to store "value".

Reminder from JPM;

"First, in contrast to S&P500 and gold, bitcoin liquidity has deteriorated over the past three months even as its price tripled. Second, the impact of volumes on prices looks currently much bigger in bitcoin than in gold or S&P500, almost 3x-5x in futures and 10x-20x in ETFs. In other words, market liquidity is currently much lower for bitcoin than in gold or the S&P500, which implies that even small flows can have a large price impact."

The chart shows JPM's proxy for positioning. Parabolic price has resulted in longs going parabolic as well.

Bullish or bearish bitcoin, but managing your p/l is much more important than having long term fundamental views here.