Gregory Mussi
@distrox
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WHAT’S UP
Bitcoin’s Charbroil Much Too Well-Done, Although Layer-2 Stacks Sizzles Up Nicely
Steely Bitcoin traded sideways over the past 24 hours, perhaps lending credence to a new theory about sell pressure being overstated.
As of Thursday, at 6:32 a.m. (EST), BTC was about $58,300, or where it was yesterday at this time. But it’s official: over the past seven days, BTC is in the green (+1.1%).
"While emotions and psychology may rule over the short-term, our analysis suggests that the price impact from potential selling may be overblown," said NYDIG's research head, Greg Cipolaro. "It is reasonable to think that the rational investor may find this an interesting opportunity created by irrational fears."
Drawing on a metric commonly used for assessing the impact of large sales of equities ("block" trades, but, alas, having nothing to do the blockchain) and assuming a worst-case, all-at-once dump-off involving all of $19.7 billion $00
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