Timeline:
1) Large Buyers are slowly accumulating Bitcoin as exchange depth allows, trying not to run the price up on themselves while they try to fill their accounts to their planned levels of exposure.
2) They find out about the SR Seized Coin auction. Some may have found out before the public announcement.
3) They stop buying on exchanges and save their funds for later bids at the auction. This would correspond to a lack of buying, as some here have seen in their analysis for the past few weeks.
4) Someone wins the auction, but most bidders do not get all of their bids filled. The losers find out some time between end of auction 6/27 6PM EST and 6/30 5PM EST.
5) Losers begin slowly accumulating Bitcoin on exchanges again until reaching their planned level of exposure.
We are between #3 and #4. The next step will be bullish.
1) Large Buyers are slowly accumulating Bitcoin as exchange depth allows, trying not to run the price up on themselves while they try to fill their accounts to their planned levels of exposure.
2) They find out about the SR Seized Coin auction. Some may have found out before the public announcement.
3) They stop buying on exchanges and save their funds for later bids at the auction. This would correspond to a lack of buying, as some here have seen in their analysis for the past few weeks.
4) Someone wins the auction, but most bidders do not get all of their bids filled. The losers find out some time between end of auction 6/27 6PM EST and 6/30 5PM EST.
5) Losers begin slowly accumulating Bitcoin on exchanges again until reaching their planned level of exposure.
We are between #3 and #4. The next step will be bullish.
Yep, bullish.
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