What a great week so far. We had several months of accumulating during the “boring” time in crypto. This is how to really take advantage of times when people are saying how boring crypto is or how much crypto is a scam. That is the time to really stay alert and be on top of the market. Now my hope is that we will see most of the Bitcoin which is on exchanges disappear as supply dwindles to almost nothing.
Nothing you ask? Yes, there is only about 10 percent of Bitcoin in existence left on exchanges currently and this 10 percent number has dwindled since last week. There is huge amounts of buying going on right now. This isn’t simply short sellers getting liquidated. This is real large buying probably being done by larger institutions as so many big titans of traditional finance are looking to get a spot ETF. A spot ETF once again is actual Bitcoin unlike a futures ETF which is just paper Bitcoin and comes with a lot of drawbacks like rampant manipulation. Look no further than gold and silver which are some of the most manipulated commodities on the face of the planet.
Now, here is another scenario that I am a bit weary about but I would place about a 20 percent chance on happening. I am not trying to scare anyone here but because you pay me for my thoughts on the market, I think I need to be honest here with my thoughts. Heidi and I were chatting over the last couple days about this being a setup by large institutions to smash the price down. How would the price be smashed down? Well, considering the ETF is not “approved”(Notice approved is in quotations for a reason) that would definitely smash the price down. Large institutions are known to do maleficent things to get what they want. Lets see what happens. I still have cash just in case but as you know I have been on a buying spree for a while now. I will buy like crazy if this happens and I will be as relaxed as I am right now.
I will keep everyone posted in the meantime. Hopefully the Bitcoin dominance in the meantime diminishes to let alts catch up. Several of our alts have bounced hard. RNDR, INJ, ATOR etc… Some we are waiting for and that is fine.