Bitcoin is severely oversold, with influencers advising followers to buy dips as counterfeit products appear to have weathered the storm, according to a report from 10x Research. The Research Greed and Fear Index is near its lowest level and is usually associated with lows.
Also, there are many reasons for the Bitcoin sell-off: Bitcoin distribution at Mt. Gox (probably worth $9 billion, starting in July), German government selling confiscated bitcoins ($3 billion), Bitcoin miners selling for $20- $3 billion, ETFs selling for $1.40 billion, OG wallets selling for $1.20 billion, etc. Assuming this adds up to $160- $18 billion, similar to the amount of Bitcoin ETF inflows so far this year.
Although many have claimed that the recent decline is due to Mt. Gox's Fud (among other factors mentioned above), there appears to be a structural factor hitting the market that could have a more profound impact, leading to a deeper decline before rebounding from lower levels.
10X Research: There seems to be a structural factor hitting the market that could have a more profound impact
2024-06-25 07:12:34
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