that drop was one hour after the latest billion tethers
the new narrative is apparently that the pump is in 90 days when financial advisors are finally ready to push bitcoin ETFs on their customers (for some reason)
ETFs put bitcoin on steroids!! y'know, asthmatic with shrunken balls
the bitcoin market is fake and in tethers, but the retail securities market is real and in dollars
my brother in Satoshi, you are the exit liquidity
Anyone who was stoked about this has no idea how ETFs work. This was one of the single worst things that could have been done to digital currency... and that is factoring in the exchanges and rampant fraud.
I have next to no idea how ETFs work. I just assumed it wouldn't send people into a deflating bubble.
Care to share how it's actually deflating the bubble faster?
Who knows? It’s a classic “buy the rumour, sell the news” stock story though, so there’s something about human psychology right there.
BTC shills are always pushing for the next big thing that will pull the mass buyers in. ETFs were going to be it this time around. I suspect a lot of people were holding onto BTC / not selling into the recent run-up in the hope they were right. If it turns out that there’s no demand there’s an awful lot of selling pressure out there: Miners are holding a lot of stock & the halving that will halve their income is only a few weeks away.