Pro Crypto: Flash Update January 11th, 2022

Published on: January 11th, 2022

With Bitcoin dipping below $40,000 yesterday (Jan. 10), news outlets are having a field day with headlines wondering “how low can it go?” So, what’s going on? Ahead of the official launch of Pro Crypto on January 19, Delphi Digital’s Kevin Kelly brings us an unscheduled update, Why Bitcoin is Behaving Like It Should. He discusses WTF is happening, why Bitcoin is behaving as it should in the face of tightening monetary policy, and why Delphi firmly believes “BTC looks attractive here for those with a long enough time horizon.” Join us over on the Pro Crypto Discord server to discuss. (If you haven’t joined yet, your invite is in your inbox.)


  • EB
    Eckhard B.
    11 January 2022 @ 22:05
    Thank you for the report. Would it be possible to increase the resolution of the graphs in the report as the details are difficult to read? Thank you very much.
    • NN
      Norhazardin N.
      13 January 2022 @ 12:26
      I downloaded the PDF version and the graphs are fine.
    • PM
      Pedro M.
      12 January 2022 @ 03:53
      Nice report - but yes the graphics need a bit of love
    • SM
      Shanda M.
      12 January 2022 @ 03:17
      I was going to say the same thing. The photos were quite blurry when I tried to zoom in. Loved the insights and report though!
    • JS
      John S.
      12 January 2022 @ 00:38
      Agree - solid report but the graphs are not clear
    • DN
      Delwin N.
      12 January 2022 @ 00:25
      Yes I agree. Hard to read the numbers on the charts. Thank you for the report!
  • TS
    TJ S.
    11 January 2022 @ 22:54
    Thank you ... nice update.
  • GG
    Gabriel G.
    12 January 2022 @ 00:04
    Just an administrative note - on all the PDFs. when you download them, they aren't titled. They just download as "pdf.pdf". It's really annoying as I save them to read later. Would be helpful to have more professional titling.
  • AG
    Amandha G.
    12 January 2022 @ 00:24
    The text in the charts cannot be read due to low resolution. Does anyone else experience the same problem?
    • NN
      Norhazardin N.
      13 January 2022 @ 12:26
      I downloaded the PDF version and the texts are fine.
    • KH
      Kevin H.
      12 January 2022 @ 01:42
      Me too. It's a bit difficult to make out the small print on the charts.
    • LM
      Lucas M.
      12 January 2022 @ 01:06
      same! posted in the discord too. I get this gist, but would like to look closer.
    • MK
      Max K.
      12 January 2022 @ 00:40
      Yes i have this same issue. High res charts would be great.
  • DM
    Daniel M.
    12 January 2022 @ 01:52
    Great Read. Let’s hope a lack of liquidity crisis doesn’t delay Crypto Mania too long.
  • BT
    Bill T.
    12 January 2022 @ 02:29
    A copy of this was leaked on the RVcrypto discord channel a few days early. I presume that was the original copy cause it as non-fuzzy graphics.
    • HB
      Harijs B.
      12 January 2022 @ 08:54
      I'm no discord, and nothing there..?
  • JL
    Jonas L.
    12 January 2022 @ 02:58
    Nicely written but not very helpful as its all macro economics and nothing crypto specific in there. The Macro story we know from Raoul already. Also, every time crypto goes down, Fed cant be the escape goat. Indirectly your are saying Fed controls the destiny of bitcoin.
    • AP
      ANTHONY P.
      20 January 2022 @ 09:51
      Ironically, Raoul's flash update says the Fed isn't causing bitcoin to drop.
  • JL
    John L.
    12 January 2022 @ 04:28
    Not very impressed guys. BTC will fall to c.$35k because that means its c.75-100% back to ATHs...hardly analysis
    • GD
      Graham D.
      12 January 2022 @ 08:58
      Unfortunately I have to agree. There's nothing new or original here. Not a great start TBH.
  • WL
    Will L.
    12 January 2022 @ 06:25
    The 'Canary in the Coal Mine Section' I found very interesting because throughout 2020 and 2021 I somewhat shared a similar sentiment/feeling. Bitcoin is noticeably sensitive to global conditions whether it's mining bans, macro world, liquidations etc. and this sensitivity generally results in a very immediate reaction. The price action is almost like a gauge or a representation of something that is going on in the immediate and then attached with a curated narrative later down the track. And as it is a free market monetary instrument, it can't really be subjected to manipulation in the data? Bitcoin may be an effective barometer of something in the future.
  • HB
    Harijs B.
    12 January 2022 @ 08:49
    Can you guys put more HD graphs in the report, those are really blurry!? Currently its really hard to discern anything, not even the graph legends! and bigger as well.
    • NN
      Norhazardin N.
      13 January 2022 @ 12:24
      I downloaded the PDF version and it's readible
    • MG
      Miguel G.
      12 January 2022 @ 11:46
      Agree, some higher resolution on those charts would be much appreciated. Great update
  • vg
    vittorio g.
    12 January 2022 @ 09:25
    No on chain analysis.
  • ZD
    ZENO D.
    12 January 2022 @ 09:34
    Very well written , but from your organization I would expect also some on chain analysis .
    • KK
      Kevin K.
      12 January 2022 @ 16:13
      Yes, we'll provide more on-chain analysis in follow up reports. This was really just top of mind for me personally and thought the RV audience may also find it helpful. Critiques are well placed, and we'll take them into account going forward. Thanks!
  • GK
    Gabriel K.
    12 January 2022 @ 10:20
    I find it really helpful :) Thx for the report.
  • ZD
    Zachary D.
    12 January 2022 @ 11:39
    I echo some of the same critiques in the comments already: _Charts could use some love _On chain analytics would be very helpful Additionally, while I am a US oriented investor, it would be helpful to have an idea of what other countries monetary and FISCAL policies are as well. Monetary conditions obviously are very correlated to performance, but do monetary factors start to lose explanatory power when fiscal policies become so extreme? We've never seen transfer payments like we have in the past 2 years and their withdrawal could be equally as devastating. Also, its very difficult to provide bearish content with an asset class that has so much potential, but it would be nice to have a devil's advocate. Every report I've read has a 'now isn't a bad time to buy' tilt to it.
  • JW
    JW2 W.
    12 January 2022 @ 12:44
    Not sure what they could add vs Glassnode's weekly briefings re onchain ( but I assume Delphi have a Glassnode subscription and in that case there should be more interesting data available and their take on that additional info would be excellent !
    • AP
      ANTHONY P.
      20 January 2022 @ 23:58
      Thanks for the link! It has data there that I thought I'd get by paying here.
    • CW
      Chris W.
      13 January 2022 @ 12:36
      The Glassnode onchain analysis was very informative and beneficial. Thank you.
  • AA
    Alberto A.
    12 January 2022 @ 16:08
    The reality is the crypto finally merged with macro and is just another risk assets. Before it was truly consider and alternative asset with 10X or more its potential value vs other assets. Today, reading all the analysis from different sources is not that different than just another risk assets at the end of the curve. Is it the life raft? We'll see. Time will tell.
    • JW
      JW2 W.
      13 January 2022 @ 16:32
      Partially yes, but 'crypto' is so much more than just ₿ and Eth that I am not so sure it can be summarily lumped together with other macro risk assets. But as you said, time will tell...
  • SF
    Stuart F.
    12 January 2022 @ 17:03
    Is this content available with the Pro Crypto membership?
    • GR
      Gerrit R.
      12 January 2022 @ 18:47
  • GR
    Gerrit R.
    12 January 2022 @ 18:49
    Please include high resolution charts in the PDF, in the current state they are frankly unreadable.
    • NN
      Norhazardin N.
      13 January 2022 @ 12:23
      I downloaded the PDF version and it reads fine
    • MD
      Matthew D.
      13 January 2022 @ 00:10
  • JY
    Jason Y.
    12 January 2022 @ 21:25
    Agree with the majority of this view from a macro standpoint. Equally important, in my opinion, is the adoption curve, active wallets, OI and other on-chain analytics. There is much more going on than just rate tightening and deflationary forces due to diminishing liquidity. I am fully aware of your comment that this was put together quickly as a flash update so I don't mean this as a critique but more of a suggestion of content that I would be interested in seeing. Thanks!
    • SC
      Sergei C.
      22 January 2022 @ 15:09
      Totally agree. Number of wallets/users, transactions etc are far more important for long term holders
  • NH
    Nauman H.
    13 January 2022 @ 05:59
    Why am I not able to access this, I am a Pro Crypto member.
  • SR
    Srikanth R.
    14 January 2022 @ 05:29
    Even I can't access?
  • lG
    lyndon G.
    15 January 2022 @ 17:37
    I cannot access either
  • AJ
    Adam J.
    16 January 2022 @ 22:42
    Hi when will I get discord and other email info for the RV Crypto Pro sub? My friends have received these ages ago but I havn't....
  • SO
    Steve O.
    17 January 2022 @ 23:26
    Why is my access blocked to this? I was able to read it a minute ago. Now i'm blocked from this and all other reports despite have Crypto Pro subscription.
  • JK
    John K.
    18 January 2022 @ 22:06
    The main problem I have with this report is that the analysis solely based on US Fed balance sheet and policies. You have to realized that BTC is a global digital asset that affects global citizens. Yes, US does lead the monetary policy and other nations typically follow, but it is not certain. each nation has its own issues and respective citizens has their own reasons for owning BTC. There are three reasons for owning BTC: 1) debasement of global fiat currencies(inflation), 2) digitization of medium of exchange, and 3) Decentralization . As these three forces continue to get stronger, the value of BTC will appreciate.