What's The Damage?
Bitcoin has now fully entered the air-pocket, trading below $80k, and rallying up an army of bears. Today, I assess the damage, and try to get a gauge on how severe this sell-off really is..
G’day Folks,
Chaos!
Bitcoin has CRASHED TO $80k!
The more I say this to myself, the more surreal it feels.
Now there is no question that we should all have at least one bear market goggle on at this stage. We’re obviously not trading higher, and sharp nasty sell-offs like this have the potential to break sentiment of the bulls.
That said, there is a sound case to be made that we’re not there yet.
In this report, I want to step through all the different market sectors, and gather a read on what I think is going on. I will cover:
Whether this is a derivative or spot driven sell-off.
The monster $3B in outflows from the ETFs.
Key price levels that I have my eye on.
Signs of a near term Short-Term Holder capitulation.
How bad STH supply and profitability is affected.
What the supply redistribution patterns look like thus far.
Time to assess the damage.
📈 Reminder: you can find the charts from our articles on the Checkonchain Charting Website, and a guide in our Charts Tutorial Video.
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