Ah, Bithumb, the exchange with a knack for drama! Memories of past escapades danced in the minds of many, reminiscent of data leaks where customer information vanished faster than a magician’s rabbit.
The vibe in the data suggests downside pressure could persist in the near term. Capital flight, dwindling liquidity, and increasingly bearish positioning are doing the price structure no favors-think of it as a bad haircut that keeps giving in to gravity.
As a crypto investor, I’ve seen some wild swings, and it’s clear these big, unexpected crashes – what they call ‘Black Swan’ events – aren’t as rare in crypto as you might think. Statistically, they’re supposed to be incredibly unlikely, but Bitcoin has already experienced four of them since it started. That really drives home how common these major price drops are in the crypto world, and just how significant this latest one has been.
On Thursday, Cathie Wood’s financial fortress, ARK Invest, waved goodbye to 119,236 shares of COIN, leaving them $17.4 million lighter. The poor Coinbase saw its stocks tumble by 13.3%, finishing at a dismal $146.12, feeling the heat of the ongoing cryptocurrency apocalypse that has left Bitcoin gasping for breath at $60,000, the lowest it’s been since November 2024. What a ride!
Bloomberg ETF analyst Eric Balchunas notes a sorrowful arithmetic: the BTC held by ETFs slid by only about 7%. The holders, said to be mostly veterans of money and pension pots, were dubbed “diamond hands” by the analyst, a label that sounds almost like a joke whispered by the factory pigeons in a wall of money.
Following a precipitous 15% plunge, during which it flirted with the $60,000 mark like a debutante at her first ball, Bitcoin staged a rebound of 11%, luring the credulous back into its web of long positions. How quaint, one might observe, were it not for the ominous undercurrents that belie this fleeting optimism.
Solana, that poor dear, dropped 15%, breaking below $70 and hitting a two-year low of $67 before rebounding slightly to $81.6. At the time of this witty observation, SOL was trading at $80.78, down 10.44% on the daily charts. How utterly gauche.
Since the oil industry finally decided to open its gates, the town has grown certain that flared gas could warm the machines that dream of profit, if not sleep, in this corner of the world.
Yet, amidst this grand tragedy, two intrepid tokens have emerged, defying the gravitational pull of the market’s descent and capturing the attention of the weary investor: Hyperliquid’s HYPE token and Canton’s CC token. Such jesters in the court of financial doom, they have managed to retain their composure while the rest of the market wears a harlequin mask of red.
Now, let me tell you, a fella named Darkfost-a top-notch analyst, mind you-has his eyes peeled on the situation. He’s spotted a trend: short-term holders are sweating bullets, and when they get nervous, they tend to sell faster than a rabbit in a room full of rattlesnakes. Just yesterday, Bitcoin inflows to exchanges skyrocketed, nearing a whopping 60,000 BTC! That’s more coins moving than a squirrel in a nut factory, indicating a growing desire among newer buyers to cut their losses quicker than a bad poker player.
