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Excellent reporting! Thanks AP!
Cheers
BITCOIN XRP WOW! Be ready to watch this thing fly 🪡
BITCOIN Fireworks in July 🎆🎇 🤗 woohoooooooooooooooo
BITCOIN Three Dog Night JOY TO THE WORLD ☝️🤑🌪️🚀 🌊🏄♂️ 🖕$100K TARGET
I agree with your comment.
Vast swings if $10k or so have not been witnessed for quite some time.
An interesting ratio would be the percentage of selling at levels by OGs of their long positions with price increases to correlate to current selling as a comparable indicator.
Nice, seems like the so called corrections these days are a drop from 69K to 66K or high 65's. Not much of a drop as far as I'm concerned.
The days of a 10K drop ARE OVER!
Worth a read…
The Daily Hodl
Here’s What’s Driving the Current Bitcoin (BTC) Correction, According to On-Chain Analyst Willy Woo
Henry Kanapi June 16, 2024
Popular on-chain analyst Willy Woo is breaking down the drivers powering the current Bitcoin (BTC) drawdown.
Woo tells his 1.1 million followers on the social media platform X that Bitcoin OGs, or early, long-term BTC holders, are heavily unloading their stacks.
The analyst shares a chart showing that BTC’s coin days destroyed metric is on a steep rise, suggesting that long-dormant coins are moving, possibly to crypto exchanges where they could be sold on the open market.
“First, let me tell you who is selling. The OGs. They are selling. They have more BTC than all the ETFs (exchange-traded funds) put together… 10x more. And they sell into every bull market. This pattern is as old as the Genesis block.”
Image
Source: Willy Woo/X
While long-term holders offload some of their Bitcoin, Woo says that the selling is being exacerbated by the futures markets or what he calls paper BTC.
“Paper BTC has flooded the market since 2017. Futures markets. If you wanted to buy BTC, it used to be you had to buy real BTC. You can now buy paper BTC. Thus a no-coiner can sell you that paper. Together you have made a synthetic BTC.
That would-be demand for BTC gets diverted to paper BTC, fulfilled by counter traders who have no BTC to sell, they just have USD to back their bet.
In the old days, BTC would go on an exponential run because the only sellers were a trickle from the OGs and an even smaller amount from miners with their newly mined coins. Today the magic of paper BTC is what you want to watch.”
Woo shares a chart showing that while the supply of spot market BTC has been on a long-term downtrend, the supply of paper BTC appears to be witnessing an uptick.
“The 2022 bear market was dictated by a flood of paper BTC when spot holders didn’t really sell. In this current bull, I have marked where paper increased, these were times when the price didn’t rally. We are in one of these right now.”
Image
Source: Willy Woo/X
At time of writing, Bitcoin is worth $66,286.
Hey AP. I just followed you. Thanks for not saying “Bonk Bonk”
So True, and Thanks 💯
You’re Way Cool 😎 Buddy!
Wait till interest rates start to drop!
Post this!
Bitcoin will be going to a GO GO!!!
Cheers! 🍻
Your welcome, cheers
Limited supply, continuing demand, printing presses that never cease, unrest around the world, interest rates will drop sooner or later and then Earth vs. The Flying Saucers!! 🛸 Just having some fun for the morons (not You AP, Weed Kick and some friends here) on where we are heading over time. Thanks for the 2 articles! Enjoy the weekend! 👍🏻
wow so now BTC bumpkins just making stuff up when the core of every move in crypto past 2 days actually comes from FOMC. I didnt see any statistics in that blurb or blob of words. Insane world.
Bitcoin Crashes To $65,000, Expert Unpacks Drivers Of Crypto Market Bloodbath
https://ih.advfn.com/stock-market/COIN/BTCUSD/crypto-news/94048509/bitcoin-crashes-to-65-000-expert-unpacks-drivers
2 months PRE-COVID
JAN 2024
66,666 CPI FOMC TNX
SUKU SHIBA DOGE BONK BONK $80,000 Target ☝️🤑🌪️🚀
.
You’re welcome AP
Doesn’t matter what you buy right now stocks crypto soon as you buy they’re selling it off🫲😎🫱 🌊🏄♂️ ☀️ DJ Jazzy SUMMERTIME
Looks like BTC bucked the fed for a day, but seems still under the thumb of something. what could that be?
Great and enlightening posts my friend!
Lol guess its ripping soon. Kid you've become the greatest ihub contrian indicator lmao! You kind of embarrassing yourself
So we have a blockchain product being shorted by a non blockchain product. Vote RFK jr this corruption goes bye bye.
Things are not looking good. Everything looks ugly like your face and the fact nobody likes you but yes it looks like the chart is broken.
Status = FRAGILE
Yes.....Y'know ;
Unlike many around this joint - I ain't gonna mislead and BS my face off just because I'm holding it (them)......
I'm going to report what I see / sense occuring, just to hear whether or not anyone sees and senses the same thing.
June 1st ;
Others, they "PUMP", believing that they need to DEFEND thier investment !
As tho (if) posting here MIGHT AFFECT Bitcoins' price !
That 66,666 there had better darned hold
66,666, 2021 high
Post - FOMC CPI Fanning downwards eh ?
Even thru 66,666
WHY ?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174576132
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174577931
64,000 could be the next stop ........IF this current Fan Line fails to hold
Summary
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