Bitcoin Suppressed Like Gold? Luke Gromen Says It Can’t Last Forever
Luke Gromen said Bitcoin’s recent inability to break higher may reflect more than weak spot demand. He argued that, as with gold, expanded derivatives can temporarily absorb buying pressure by letting investors express bullish views through synthetic exposure rather than spot BTC. That can dull price signals in the short run, though not permanently. He said he has only lightly added back to Bitcoin after previously cutting his position, because BTC’s price action may be signaling broader liquidity stress. In his view, Bitcoin is one of the last effective “smoke alarms” for liquidity, and its weakness suggests liquidity is being pulled toward AI-linked equities and other areas. Gromen linked this to a macro environment where the US wants to run the economy hot and weaken the dollar, which should support hard assets like gold and Bitcoin. He expects nominal equities to rise while falling in gold and Bitcoin terms, with Treasury yields staying around 4%–4.5%.
