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Hello friends, I hope you are doing well, that you are in good shape, that you are doing great. Very happy to reconnect with you for this breaking news video this Thursday, September 25, 2025, in front of a slightly red crypto market. Unfortunately, cryptos continue to correct. Are we surprised? No, it's calmly following the evolution, the structure. This morning, like every morning, I sent you a video of about ten minutes on the VIP channel. Feel free to take a look at traditional finance. It remains a bit mixed because of Powell and Jamie Dimon, the CEO of JPMorgan, who have cooled the markets a bit. Investors who are waiting for drops, be careful. So, we have small corrections yesterday. Nvidia, Apple are among the biggest. Google also has a not-so-pretty candle. So, we'll have to watch all of this a bit. Today, some figures will be released. Now, they are not the most impactful figures for cryptos and traditional markets. We will have the sales of durable goods for August. What are these durable goods sales? Basically, durable goods are goods that last at least 3 years. For example, washing machines, electronics, you see everything that lasts. The difference with non-durable goods. Non-durable goods have a one-time use, for example, food. Non-durable goods are your furniture, electronic devices, your car, your weapons, American firearms, your plane, things like that. You see, that's what durable goods sales are. We will also have the final estimate of US GDP. Today, we are still fearful because the estimates for quite a few months have been completely off the mark, especially after the sales of existing homes and used homes. But what will really make the markets swing, we'll talk about it tomorrow at 2:30 PM, the PCE inflation, which is the most important, the most flexible, the one that best reflects the consumer, which will be released at 3:30 PM. So, if the market is going to turn around for a nice little bullish trend or go back down, it will be tomorrow that it will play out. We'll have to be very careful. So, what's the news? Why is Bitcoin falling like this? What's happening? Well, it's simply the whales selling. On-chain metrics are coming out every day, and new data. Every day I share on-chain metrics with you. For the last two days, as I've been quite sick, I haven't shared them, but I'll get back to all of that. We know that 147,000 Bitcoins have been sold in the last 30 days by whales who are simply taking profits. This started in August. Remember this summer. I was the first to tell you it doesn't look good. There are big divergences, it's distributing. I'm taking enough profit to be prepared for a bear market. I repeated that to you throughout August because you wanted to know what I was doing. So, for me, there's no problem. Now, I'm not Nostradamus, I'm not a fortune teller, I don't predict the future, but when I sense that a lot of data isn't great, I prefer to be cautious. I'm naturally always very cautious, which is why I spent the whole summer putting aside a large stash of stablecoins, and then we'll see. For now, unfortunately, it's going in that direction. CryptoQuant tells us that whale holdings have decreased by 147,000 Bitcoins. They sold for 16.5 billion, roughly. They also tell us that this is the fastest monthly rate of decline in the cycle. Basically, since the bull run cycle, they've never sold this much. So, there are big profit-takings. Now, profit-taking doesn't mean that oh my god, we're going into a bear market. Is a bear market possible? Yes, but you know you're in it when you're already in it. Unfortunately, it's when you start breaking very important support levels that you say, that's it, it's the bear market. It's not because you've been correcting from $24,000 to $124,000 that you say, that's it, the bear market is starting. It's impossible to predict a bear market when you're close to an all-time high. You have to start breaking major support levels. For now, they haven't been broken. So, we're not going to say we're in a bear market. The market can go to $92,000, and it still won't be in a bear market, you'll see. Well, CryptoQuant also tells us that the sales are mainly from long-term whales, long-term holders, because among whales, there are long-term holders and short-term holders. What's the difference? It's that there are whales who bought Bitcoin less than 3 months ago, or less than 6 months ago. They are called short-term holders. There are long-term holders, those who have had Bitcoin for a year. And it's the long-term holders who have been taking profits since this summer, since Bitcoin hit above $120,000. That's what I did. Well, we also have data from Glassnode this time, which shows us that yes, whale movements can accelerate. However, we see that they are not sending everything to exchanges. I think they are sending a portion directly for OTC sales that go to corporate treasuries and also to ETFs like Treasury, MetaPlanet, MicroStrategy, all the others, BlackRock and Company. So, it's business as usual, it's a battle between sellers, between bulls and bears. If the selling pressure from big whales is greater than the buying pressure, it continues to fall. Unfortunately, on the ETF side, we saw that on Monday and Tuesday, it was mostly selling. So, for now, ETFs are not really on the buying side, unfortunately. That's why the price is not very pretty. Now, some think that if we break the support at $107,000, we could go to $110,000. The structure suggests going to $107,000. Yes, that's what we've been looking at since this summer. After that, below $107,000, we'll see. Now, it's interesting to know what other analysts think. We'll see that right away. But first, I'll show you a very interesting indicator: the accumulation trend score from Glassnode. Now, Glassnode is an on-chain analytics company. They are very powerful. However, it's very expensive every month to buy their indicators. One day, I'll get there, but I'll need a bit more funding on the YouTube channel. They have great indicators, and basically, it's an accumulation score. What does it mean? It means that when you're close to one, you see it's here, I'll translate it for you. So, when you're close to one, and it's all blue, it means portfolios are buying. When it's red, close to zero, portfolios are selling. On the left, you have the type of portfolio. Below one, it's those with less than one Bitcoin. Above 10k, it's above 10,000. Those with more than 10,000 Bitcoins. And so, when it's all blue, they are buying. When it's all red, they are selling. And unfortunately, they are still in a distribution phase. And we see who is distributing the most: it's the big whales, those with more than 10,000, who are selling the most, along with those with less than one Bitcoin, the newcomers who are selling at a loss. And then, we have those with between 100 and 1000 Bitcoins who are also selling. In any case, everyone is between red and orange, so everyone is selling a little bit, unfortunately. When it turns all blue again, especially when the big whales turn blue, it will mean they are accumulating, and then things will look good. So, for now, hold on tight and wait for it to turn from red to blue. Now, it's interesting to see what other analysts think. So, here, for example, T-Pilot tells us that usually Bitcoin has a good September. He says in only 2 days, there are also $17.5 billion in Bitcoin options expiring with a peak at $107,000. So, $107,000 could create a magnetic effect. What are these options? Basically, they are bets on the upside or downside for a given date. So, you pay a premium. For example, if you bet on one Bitcoin at $107,000, and if Bitcoin is below $107,000, you can, for example, sell them at $107,000, you see. And so, we have a huge peak at $107,000, and therefore, large investors will try to push the price around $107,000. This creates a big magnetic effect. I should put the options data on the evening video from time to time. And so, Ted tells us that often we have a good September, and as I've been telling you for several days, Bitcoin needs to break through $107,000, the structure will be validated, and after the structure is validated, it will go back to a new all-time high. At least, it's settled, it needs to break $107,000 quickly so we can move on, and then we'll have October, November, December, which will be crazy green months. You see, at least that's what I'd like to see to validate the structure, this big structure we've been waiting for for months. It needs to break $107,000. We also have the trader Bitbull who tells us that Bitcoin could do exactly what it did in the first quarter of 2024. You see, the first quarter of 2024 is quite interesting. It's a bit of a megaphone structure, as they call it, you see. Zigzag, zigzag, and then it takes off again. So, according to him, it could go to around $100,000 and then take off again. Now, I quite agree with that, clearly. This is a part of the big structure we're following. But it tells us this: as soon as $107,000 is broken, well, it could go down to $100,000, we don't know where it could go down. But then, it will be a very bullish reversal when the structure is validated, meaning it has broken at least $107,000. We also have Dan Crypto who warns us that all of this could happen at the end of September. He tells us that the current bullish divergence is also weaker in the last two years. This means that either we will break $111,000 and everything will go down, or we will break $115,000 and everything will go up. And we also have Tony who tells us that the Bollinger Bands are very compressed on the weekly chart. This means that if it breaks strongly upwards, it can go strongly up. However, if it breaks the weekly Bollinger Bands downwards, it could be carnage. And we'll look at the weekly chart on Sunday. Why Sunday? Because it's on Sunday evening that the candle closes. So, it's best to look at it on the last day. So, friends, this little video, please excuse my voice. I'm going to see the doctor today. Sending kisses. We'll meet on social media. See you later. Bye bye. [Music]