Over the past weekend, Bitcoin (BTC); It has witnessed heavy selling as it dropped as low as $18,000. Since then, Bitcoin has rallied more than 10 percent. It currently stands at $20,000. Meanwhile, data shows the Canadian Purpose Bitcoin ETF is selling. Here are the details…
BitMEX CEO draws attention to thousands of Bitcoin sales
Arthur Hayes, co-founder and former CEO of BitMEX crypto exchange, cited data from Coinglass. He writes that Canada’s Purpose Bitcoin (BTC) ETF has sold a staggering 24,500 BTC by Friday’s close, North American time. This means that they sold 50 percent of their assets in a single day in a single day.
As we reported on Kriptokoin.com, the price of BTC fell below $ 18,000 over the weekend, falling to $ 17,600. Hayes interpreted this situation as “a forced seller triggering relentless escape”. Hayes also expects such forced selling events to increase as the crypto loan market has some dark stories to tell. Hayes writes:
After the sellers emptied their bags, the market rose sharply at low volume. Given the poor state of risk management by cryptocurrency lenders and the overly generous lending conditions, expect more BTC and ETH sales to be strained to understand who is unprepared in the market.
Has the BTC bottom already been seen?
Bitcoin showed a decent recovery on Sunday, June 19, after a brutal crash last week. With it hovering above $20,000 for now, the real question is how long this recovery will last. BTC critic Peter Schiff writes:
Don’t get excited about Bitcoin hitting $20,000. 20 is the new 30. This is just another bull trap. Nothing falls in a straight line. In fact, this slow motion crash has been extremely regular. No signs of capitulation yet, which typically creates a bear market bottom
Shortly after the US released May 2022 inflation data, Schiff; He predicted that BTC would drop below $20,000 and ETH below $1,000. This happened just a week after he had predicted. Even Arthur Hayes adds that he isn’t sure if there is any more pain. However, he believes it will be an opportunity to buy at the bottom for talented people. BTC is changing hands at $19,965, up 8% at the time of writing. The 7-day change of the largest cryptocurrency with its market value is a loss of 25.5 percent.
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