ZhuSu, founder of Three Arrows Capital, posted on his social networking site that there are some signs that Bitcoin is re-entering the accumulation range.
Its indications are as follows:
- Bitcoin’s decline in the past seven weeks is the largest in history.
- During the period when LFG liquidated 80,000 Bitcoins and the Bitcoin price fell to $26,000, the largest spot and derivatives trading volume occurred in the past year.
- Bitcoin is stronger than the overnight stock market.
- The Mayer multiple is at a low level.
- Bitcoin is stronger in Asian trading hours than in US trading hours. In addition, Canadian ETFs bought 7,000 Bitcoins at low levels, Tether’s FUD, Bitfinex hit an all-time high, and people started shorting Bitcoin to hedge over-the-counter trades.
These are also evidences of the above conclusion. At the same time, some potential white swan events may occur in the market, including: El Salvador will hold a meeting of the 44 central banks, OPEC or adopt Bitcoin for international payments, and sovereign wealth funds allocate assets according to thesis-driven.
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