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Who is buying the Bitcoin dip?

2 points by PXD3D ↗ HN
Bitcoin is down ~30% in the past week to lowest in ~1 year & down 80% from its all-time high. ETH is down 90% from its all-time high. All other crypto is down 95% or more. The new Swiss basket product the Amun Crypto Basket ETP starts trading next week. Not feeling optimistic. The big question: How long do folks holding their crypto positions continue to "buy the dip"? They're averaging down, way down, and their losses are approaching 100% compounded..... Serious question.

5 comments

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yasp
I’d be curious how much of present demand is people dumping shitcoins for BTC (most coins are denominated in BTC), so that then they can eventually sell for fiat.

The mempool is starting to spike as people rush for the exits https://jochen-hoenicke.de/queue/

PXD3D
The mempool also spikes in high vol environments because of all the arb opportunities and systematic trading involved
gjvc
Do not attempt to catch a falling knife.
PXD3D
well, there's the spread of BTC between Bitfinex and the other exchanges, which has somehow magically stayed suspended in air since Nov 9th.
fturco
If I had extra money left I would buy some other bitcoins. That's not the case unfortunately...