The supply of illiquid BTC has continued to increase in Q2 2023, showing the opposite relationship to the price. BTC's recent pump to 30k caused a dramatic shift in investor sentiment. Bitcoin's sluggish growth over the last month coupled with legal action against the top exchange, has significantly dampened investors' appetite for trading. When FUD hit the market, most long-term investors started taking coins off exchanges to support self-custody.
With these changes taking place, investors may need to reconsider their strategies, considering the extent to which these factors can affect price movements and their profits. Risk evaluation and portfolio management are becoming increasingly important aspects in this dynamic market condition.
The drama that's happening right now is just one of the dramas that will happen this year, and TBH, I've seen similar events like that a few years ago. It wasn't Binance that's involved, but I've seen some events where it caused negative impact towards the crypto market for days to weeks.
You know what's one thing that's always happening? The effect of the dramas that's happening on crypto will only last for weeks, and a few weeks after that, it's back to normal again. When FTX got hacked, some already opted out with crypto, sold their coins. While some sold, we saw it as an opportunity, and a few weeks after that, Bitcoin and crypto is back on track again, and rose up after what happened. It's almost the same with what's happening with Binance right now. A few days, we've seen crypto was down, but after that, it goes up again like we are seeing right now.
Reconsidering my strategy? Nahhh I don't need to do that. I'm just focus on Dollar Cost Averaging. Dollar Cost Average on both buying, and selling. That's my strategy. Why stress yourself in creating a new strategy if you can use a safe, and a good one. Unless you want to be rich in a quick way then I guess DCA will not be a good strategy.