1/ There is a problem looming for one side of the #Bitcoin fraternity, a looming disappointment which could unravel the cash-cow that the other side of the fraternity is currently enjoying.

2/ Bitcoin was that killer stock, that 50,000x return bonanza for the kids of the HODL era. They are hanging in there, still talking about galactic rises like $50,000 even $250,000.

Slowly though an invisible poison to the 'HODL Crypto kid' has been poured into the water.

3/ The funding market has emerged not only as the saviour to those with assets as a safe high yield opportunity but also the death of the ‘mega rally hopeful’.

4/ I'm no perma-bear, I would love to see Bitcoin rally to a zillion but I will be selling my convexity dollars the whole way up, just like the rest of the asset holder community.

5/ Bitcoin is the new funding weapon of yield choice, large numbers of exchanges to disperse delta-one risk across, incredible near risk free rates 100x that of 30-day money with CitiBank. Incredible convexity of the perpetual swaps.

6/ It is like the 1990's Asian Tiger boom with no carry risk, currency hedge requirement or ridiculous in-country Central Bank lock-ups.

7/ The 15% annual yield, currently laughed at by the dice rolling community of Crypto traders looking for 100% days, is consuming not only their lunch, but their lunch money for the foreseeable future.

8/ It does not take much analysis to see address activity, funding space changes and the endless offers into the rallies. The beast of the yield hunts silently, and kills with an endless hunger.

9/ DeFi is doing well to distract the cocaine rally desires of young Mr. HODL, but this will only last a while, at some point HODL and his mates will realise his $1,000 in Bitcoin has under-performed the 0.1% with the Fed Reserve.

10/ At that point rates will need to come in dramatically or we will see the endless bid of HODL and his chums vanish.