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Morning update:
Another day, another drop… The selloff started after Biden proposed the bill to tax capital gains as high as 43.4% (not passed yet)
https://abs.twimg.com/emoji/v2/... draggable="false" alt="😱" title="Vor Angst schreiendes Gesicht" aria-label="Emoji: Vor Angst schreiendes Gesicht">
Another day, another drop… The selloff started after Biden proposed the bill to tax capital gains as high as 43.4% (not passed yet)
In addition, $1.55 worth of #BTC https://abs.twimg.com/hashflags... draggable="false" alt=""> futures contracts expire today and this could be another reason for a sharp decline. We have seen the same scenario play out in the past months so nothing new this time around.
Bitcoin reserve on known exchange addresses has seen a rise as the crowd started panic selling their coins. That being said, the inflow mean was very low so it is safe to say that those were retail investors and not large institutions https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">
" title="Bitcoin reserve on known exchange addresses has seen a rise as the crowd started panic selling their coins. That being said, the inflow mean was very low so it is safe to say that those were retail investors and not large institutions https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">" class="img-responsive" style="max-width:100%;"/>
Market-wide panic can be observed also by looking at Bitcoin’s social mentions. Yesterday, we saw a spike in social mentions just like on April 18th https://abs.twimg.com/emoji/v2/... draggable="false" alt="👀" title="Augen" aria-label="Emoji: Augen"> #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">
#Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">" title="Market-wide panic can be observed also by looking at Bitcoin’s social mentions. Yesterday, we saw a spike in social mentions just like on April 18th https://abs.twimg.com/emoji/v2/... draggable="false" alt="👀" title="Augen" aria-label="Emoji: Augen"> #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">" class="img-responsive" style="max-width:100%;"/>
30-day MVRV measuring the average return of #BTC https://abs.twimg.com/hashflags... draggable="false" alt=""> traders is currently at one year low of -14.23%. Historically speaking, traders are not very likely to sell at a loss so this kind of extremes usually mark the reversal https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤟" title="Geste „ich liebe dich“" aria-label="Emoji: Geste „ich liebe dich“">
traders is currently at one year low of -14.23%. Historically speaking, traders are not very likely to sell at a loss so this kind of extremes usually mark the reversal https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤟" title="Geste „ich liebe dich“" aria-label="Emoji: Geste „ich liebe dich“">" title="30-day MVRV measuring the average return of #BTC https://abs.twimg.com/hashflags... draggable="false" alt=""> traders is currently at one year low of -14.23%. Historically speaking, traders are not very likely to sell at a loss so this kind of extremes usually mark the reversal https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤟" title="Geste „ich liebe dich“" aria-label="Emoji: Geste „ich liebe dich“">" class="img-responsive" style="max-width:100%;"/>
On the other hand, miners are accumulating coins at those levels. We have not seen such an extreme accumulation behavior in a while which makes me very bullish in those volatile timeshttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🙏" title="Gefaltete Hände" aria-label="Emoji: Gefaltete Hände"> #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">
#Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">" title="On the other hand, miners are accumulating coins at those levels. We have not seen such an extreme accumulation behavior in a while which makes me very bullish in those volatile timeshttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🙏" title="Gefaltete Hände" aria-label="Emoji: Gefaltete Hände"> #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">" class="img-responsive" style="max-width:100%;"/>
Funding rates are staying low as most traders fear to enter leveraged positions https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">
#Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">" title="Funding rates are staying low as most traders fear to enter leveraged positions https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">" class="img-responsive" style="max-width:100%;"/>
Kimchi premium which compares the @BTC price in South Korea to other exchanges has seen a sharp decline and is currently at roughly 3% https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">
" title="Kimchi premium which compares the @BTC price in South Korea to other exchanges has seen a sharp decline and is currently at roughly 3% https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">" class="img-responsive" style="max-width:100%;"/>
Hash Rate is recovering and is almost at the levels seen before the drop we saw last week https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">
#Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">" title="Hash Rate is recovering and is almost at the levels seen before the drop we saw last week https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">" class="img-responsive" style="max-width:100%;"/>
#Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> Fear and Greed Index is currently at 55% https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">
Fear and Greed Index is currently at 55% https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">" title=" #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> Fear and Greed Index is currently at 55% https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">" class="img-responsive" style="max-width:100%;"/>
All in all, I’m not concerned about this drop. I expect a strong recovery and a push towards a new high after quarterly reports come out and we find out who were the big buyers loading up on “cheap” #BTC https://abs.twimg.com/hashflags... draggable="false" alt=""> during corrections seen throughout the first quarter of the yearhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🤔" title="Denkendes Gesicht" aria-label="Emoji: Denkendes Gesicht">
Last but not least, today& #39;s $BTC Giveaway winner is @1realHRH https://abs.twimg.com/emoji/v2/... draggable="false" alt="🙌" title="Erhobene Hände" aria-label="Emoji: Erhobene Hände">
Please send me a DM in order to claim the rewardhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🚀" title="Rakete" aria-label="Emoji: Rakete">
All other participants, make sure to participate again as I will be picking winners for the rest of the month! You can also win more than oncehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="😉" title="Zwinkerndes Gesicht" aria-label="Emoji: Zwinkerndes Gesicht">
Please send me a DM in order to claim the reward
All other participants, make sure to participate again as I will be picking winners for the rest of the month! You can also win more than once
Please send me a DM in order to claim the rewardhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🚀" title="Rakete" aria-label="Emoji: Rakete">All other participants, make sure to participate again as I will be picking winners for the rest of the month! You can also win more than oncehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="😉" title="Zwinkerndes Gesicht" aria-label="Emoji: Zwinkerndes Gesicht">" title="Last but not least, today& #39;s $BTC Giveaway winner is @1realHRH https://abs.twimg.com/emoji/v2/... draggable="false" alt="🙌" title="Erhobene Hände" aria-label="Emoji: Erhobene Hände">Please send me a DM in order to claim the rewardhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🚀" title="Rakete" aria-label="Emoji: Rakete">All other participants, make sure to participate again as I will be picking winners for the rest of the month! You can also win more than oncehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="😉" title="Zwinkerndes Gesicht" aria-label="Emoji: Zwinkerndes Gesicht">" class="img-responsive" style="max-width:100%;"/>
