took place at the Canadian Purpose Bitcoin exchange-traded fund in late June, “creating further fire sale pressure in the market.” That redemption accounted for 51% of that ETF’s holdings.Despite the crypto markets seeing tremendous sell pressure from institutions in recent months, the Bitcoin market remains remarkably resilient.
Trading volumes have also remained higher through the 2022 market downturn compared to the peak of the 2017 bull market.
He told Cointelegraph on July 21 that “those liquidations pushed Bitcoin price below the fundamental equilibrium price,” leading him to believe that prices will return “to $30,000 in the next few months.”Kim added that it will take time for retail investors to regain their confidence in crypto after what they endured over the past few months and that institutional investments will rise again.
“I think the retail sentiment is completely broken, so it will take some time before we restore confidence in the market. But there will be some reversal by the end of this year counteracting the liquidations.”“I tend to lean in favor of forced selling and contagion-related uncertainty being done for now. We will likely slump, pump, and dump in choppy conditions in the coming period.”
Go for less whales, more crabs!
buffet bought
BTC 11K
Second half of 22 to be good for all markets