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Feb 10
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LONG
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Matt Hougan
CIO, Bitwise Asset Management
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Bitcoin is down ~50% from highs, but financial advisors are "buying the dip" counter-trend. The selling is driven by early adopters (OGs) trimming long-held positions, not by ETF investors fleeing. ETFs are acting as a stabilizing floor. In previous bear markets (2018, 2022), Bitcoin retraced 77-85%. Currently, it is only down ~50%, suggesting institutional capital is buoying the price. Outflows are minimal relative to price drops (only ~$7B outflows vs. massive market cap drop). Continued "OG" selling or a failure of the "digital gold" narrative if Gold continues to outperform significantly. |
CNBC
How crypto's recent volatility impacts ETF in...
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Feb 06
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NEUTRAL
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Joshua Lim
Global Co-Head of Markets at Falcon X
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Bitcoin has fallen below $74k (pre-Trump election levels) and is the *only* major asset class trending down while Global Liquidity trends up. The market has shifted from "Fundamental Catalysts" (ETFs, regulation - which have already passed) to a "Flows Driven" market. Currently, sovereign and central bank flows are exclusively targeting Gold, not Bitcoin. Without a new retail impulse or institutional bid, the asset is heavy. Expect a prolonged "rangebound" market with no V-shape recovery. A sudden reversal in the US Dollar or unexpected regulatory clarity from the Market Structure Bill. |
Unchained (Chopping Block)
'No More Dry Powder to Come Into Tokens': Why...
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