Why The Hell Are People Selling?
The sell-side pressure being exerted on the Bitcoin price is historic, and by far the largest of any cycle to date. How on earth is the price holding up given this many coins coming back to market!?
G’day Folks,
The Bitcoin price keeps leaking lower and lower, and understandably, investors are increasingly on edge. Folks are worried that the 4yr cycle top has been put in at $126k, and question how so much buy-side pressure is being met with lower and lower prices.
As Checkonchain readers know, existing holders have been applying a tremendous amount of sell-side pressure in recent months, and this idea is starting to get more attention.
We are seeing billions of dollars each day coming back to market which need to be absorbed, and frankly, it is remarkable the price has traded mostly sideways in response.
The real question people have, is who on earth are these sellers, and how many coins do they have left? When will they run out of firepower?
My follow-up question, is who are the buyers that are able to bring billions of dollars a day in demand to soak it all up!?
Today’s post will be a deep-dive into this sell-side pressure, aiming to better understand the incentives and behaviours of these entities. We will use this to try and think about who could possibly be below us, bringing billions in demand, and calmly and coolly taking those coins off the market.
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