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👉 Crypto Apocalypse Continues: Whales Dump Bitcoin⠀
⚠️ Bankruptcy of FTX, the lack of liquidity of its partners, the risk of selling the largest Grayscale fund with a reserve of 643,572 BTC, and the SEC and CFTC investigation into Binance caused a new wave of panic. This time, even the most ardent supporters of Bitcoin – long-term holders (LTH) – faltered.
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The activities of the bankrupt FTX are being studied by the Department of Justice and the US Congressional Finance Committee: the exchange owes more than $3.1 bln to 50 leading creditors, and the total number of creditors may exceed 1 million.
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Storm will gradually spread to the entire crypto market: Bank of America has downgraded the rating of the Coinbase exchange − on this news, the site has already lost more than 5%.
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Dynamics of blocked funds in the blockchain confirm that the «smart money» and large players left the Solana network a long time ago. Now the SOL token is worth 95% less than in November 2021, when almost $260 was given for one coin. Over the past two weeks, SOL's capitalization has decreased from $11.6 billion to $5.1 billion.
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As recently as last week, popular analyst Peter Schiff argued that the crypto still has a long way to go and that the $10,000 zone is the most realistic BTC price.
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Already, more than 5% of BTC sales are coins that have been in «cold wallets» for more than 3 months. More than 50,000 BTC changed hands every day with a shelf life of more than six months. The peak of sales of «archival coins» fell on November 17 − 130.6 thousand BTC. The need to sell BTC to pay current bills and loans will only get worse.
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However, where some feel fear, others see opportunities. Institutional investors increased their investments in short Bitcoin-ETF (profit is formed when the price falls) by $18.4 mln over the week. But such transactions are not available to the market plankton.
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In any case, it is too early to buy BTC, and there is almost no chance of a successful sale.
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Profits to y’all!