Bitcoin hit an 18-month high near $38,000 before pulling back sharply.

We were full of “irrational exuberance” in November 2021.

tktk

The latest price moves in bitcoin [BTC] and crypto markets in context for Nov. 9, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.

As the spot ETF narrative hogs the limelight, the U.S. Treasury's recent decision to slow the pace of bond sales and worsening economic and geopolitical issues silently strengthen the bullish case in bitcoin.

The one-month call-put skew has risen above 10%, indicating a strongest bullish bias in 31 months.

Over $62 million in bitcoin shorts were liquidated in the past 24 hours, contributing to higher prices.

The fund continues to sell GBTC as shares have rallied 235% this year, outperforming bitcoin and traditional risk assets.