Despite Bitcoin dropping to $21,000, the market may still remain in the accumulation mode
As the analyst suggests, this sell-off was tied to a negative net flow of coins on exchanges, which may suggest that the majority of market participants have entered the accumulation"mode" and were actively buying cheap coins to store in their cold wallets during the plunge.
USD strength was the giveaway to this last risk off move which took BTC and equities 3-4 days to reflect. The sell-off by institutional traders was of the scale we saw in the 3AC unwind, however this time coins flowed off exchanges signifying accumulation is in play.At the beginning of this summer, we did not see inflows from centralized exchanges, as traders were mostly providing additional liquidity for funding their short positions while not actively buying any coins on their absolute lows.
Regardless of positivity around the Bitcoin net flow on exchanges, the current move to $21,000 is a manifestation of the problems around the cryptocurrency market caused by the negative macro environment for risk-on assets like Bitcoin or Ethereum.Unfortunately, it is not yet clear if the bear rally is going to continue as there have been no signals that would suggest BTC has reached the bottom.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gartner Supply Chain Top 25 for 2022: Additional RankingsDownload the Gartner Supply Chain Top 25 for 2022 report to make the business case for supply chain transformation by benchmarking your performance. Find out more.
Read more »
CryptoQuant | Actionable On-chain market intelligence and...We provide on-chain and market analytics tools with top analysts’ actionable insights to help you analyze crypto markets and find data-driven opportunities t...
Read more »
Zellers is coming back: Hudson's Bay to resurrect Canadian discount retail chain next yearICYMI: Zellers is coming back: Hudson's Bay to resurrect Canadian discount retail chain next year — via financialpost Zellers Retail Marketing News
Read more »
Stars Coffee, a rebranded Starbucks chain, opens in RussiaInstead of a Starbucks crown, the Stars Coffee mermaid wears a Russian headdress called a kokoshnik.
Read more »
This Major Dessert Chain Is Closing 10 Locations Amid Declining Profits — Eat This Not ThatAfter reporting shrinking second-quarter sales, a beloved donut chain announced that it will be shutting down 10 stores.
Read more »
San Diego to temporarily shutter four municipal pools due to supply chain shortage of CO2San Diego to shutter four municipal pools due to supply chain shortage of CO2 [Breaking]
Read more »