May look like a Bart, but it's just 2k bitcoin Grayscale dump on Coinbase followed by a leverage liquidation.
Gary knew what he was doing when he demanded cash creation and redemption.
This is different from normal bear market crashes because this money is coming back to bitcoin. It's actually a great opportunity to buy because it's a planned dump where they have to sell to be able to convert their trust. One of the greatest bear traps of all time if you ask me.
Well this would explain the high selling in past few days, the only issue I have is that this sell-off has bled into Bitstamp and other major exchanges, currently making it the highest selling volume on 3D chart since November 2022 capitulation. While that was the low in the market, this sell-off has come from a top in the market, and end of week will be a massive bearish gravestone doji if price closes below $44K.
I understand the concept of it being a bear trap, as price could reverse back to the upside when the selling subsides, however part of me feels like the damage has already been done long-term. That of printing an incredibly bearish red candle, given it's the first time in over a year where there is a strong bearish signal - the whole of 2023 never had a realistic bearish signal, only dips and a bit of FUD here and there.
I think short-term likely this will be a bear trap, similar to June 2019, where there was the massive gravestone doji with a -20% wick, and price pumped back to retest resistance over the next two weeks.
Always in the back of my mind is that price has moved from $30K to $48K with zero dips testing support. This means price can return to $30K with ease, as there was no support created on the way up.
There's this theory by British Hodl that the big buyers are on the sidelines with a few billions waiting for GBTC to bleed out completely. The commission is 1.5% yearly, while the new ETFs have undercut each other and the cheapest of the lot are at 0.15% - one tenth of GBTC's management fee. So GBTC customers will get out of there to get in some cheaper ETF. The buyers are just waiting for this wave of sell orders to reach a price bottom.
Here's the British Hodl guy explaining this in 17 minutes on YouTube:
https://www.youtube.com/watch?app=desktop&v=reELJVofC3IA thank you goes to @cAPSLOCK for pointing me to it.
Hard to follow this guy. He thought there would be a month delay in approval and launch of ETFs, despite it was well documented that the launches would likely be the following day. He also thought a "god candle" was going to occur once the ETF launched, which to me just seems completely daft. It's rare this happens when ETFs launch, as it takes time to build up liquidity and confidence in these products.
He also thinks he was "wrong but correct"; which is classic YouTube speak that can be translated into "being wrong but trying to maintain some credibility at the same time". This guy is an avoid for me.
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