[Analysis] A note on the Bitcoin rally - Tuur Demeester

The young Bitcoin ($BTC) bull market is riding on Chinese capital flight, according to Tuur Demeester in a note to Adamant Capital investors. While Chinese crypto markets are difficult to monitor, historical similarities, particularly Cyprus in 2013, reveal telling similarities. This point goes without mentioning a healthy OTC market and search spikes on China's Google, Baidu. As Demeester writes, the volume of Bitcoin sold compared to the current market cap points toward excessive short term sentiment, a bullish position.