What do you use to arrive at this conclusion? I don't disagree, I'm just curious where the confidence comes from that this isn't related to Grayscale outflows.
Discussion
I just generally track the shitcoins, mainly ETH, relative to BTC. When there is high directional correlation, but an outperformance of shitcoins to BTC, I assume it’s traders getting leverage to trade the whole cRyPtO market, but moving the largest market cap less. Then I look back to see what that started. This makes even more sense as there is only a Bitcoin ETF stimulating demand for one asset. The coattail riding isn’t coming from ETF buyers.
It’s very scientific, and you should base your financial decisions on my analysis.
*when that started
😂 very scientific indeed. I'll sell all of my available dollars for BTC right now.
That is the only sound financial advice I can offer.
It's too late, I don't have many doll hairs left
Welcome to the club. Proud to be a member myself.
Also, if you look at the ETH/BTC chart and go back to 2/11 and 2/12, that was the last local bottom, and that exact same .051 ratio is being vigorously defended three times today. BTC was $49k then and is around $62k when that peg gets defended. Exact same ratio, 27% price jump.
In the end, it means nothing, it’s stupid short term games, but for a dork like me, I find it entertaining for some reason.
Yeah I had been holding ETH that I foolishly bought back in 2020. Sold it over $4000 recently. Glad to be rid of it. Got super lucky on that one. Ashamed and disgusted with myself. 😓
I had a shitcoin phase as well. Definite shame. However, now I just look at it as a proxy to determine when there is actual adoption buying of just Bitcoin vs traders just moving the whole cRyPtO market up and down based on news, the Fed, etc.