Maybe I'm to new to BTC to understand, but why would someone sell their BTC when it's down?? Outside of an acute emergency financial situation, I would Never do this. What's going on?
Discussion
Apparently quite a lot of people like playing with their bitcoins so it’s probably just that…
They don’t understand what they own.
If you think Bitcoin is a meme coin, you treat it like a meme coin. Conviction is our unfair advantage. Use it.
leverage & lettuce hands
They don't understand what they own. They have a fiat mindset. Thinking in $USD terms. #bitcoin
So more study and deeper understanding would stop this behavior?
Yes! It took 25 years for people to "get" the internet. It will take longer for people to "get" Bitcoin. Many people confuse $BTC, the price of bitcoin, with ACTUAL Bitcoin. Since we know that fiat grows to infinity, we know that the $BTC price necessarily has to go up FOREVER! P.S. LOVE YOUR WORK!!!!!
Very few understand its long term value.
bills bills bills 😢
To sell it to me or fear.
Fear and greed at work
Most of the "smart money" on Wall St sees btc as just another tech stock to trade around.
Probably also their stop losses got hit, so their risk management departments came in and told them to sell their btc position.
Because they have low conviction and/or high time preference.
This why we need to accumulate when they sell. Keep it out of the hands of traders.
Bitcoin should never be sold. If anything it should be spent ✌️🤩⚡️
Fear of uncertainty and groupthink. Not understanding why you are doing what you’re doing other than it seems to be dead 😵 so I should self preserve
You are the doctor… you tell us!
People are new, scared, and leverages getting rekt.
Couple reasons:
1) when the price has recently ripped, it attracts new retail who have no education on the asset and are not prepared to hold it at a loss
2) now that ETFs are holding, they have rebalancing requirements that may have a delayed effect on price. All the ETFs dumping on schedule at once would move the market
3) leverage trading is a battleground. Any sudden shot up or down is leveraged longs/shorts getting liquidated and needing to cover
4) there have been credible accusations in the past that large actors like Tether/Bitfinex are able to (and do) spoof the market with stablecoins, in which case, who knows exactly their short term goals, but I’m confident their long term goal is global adoption
People on Xitter telling them it’s going to zero.
people on nostr taking to scammers 👀
A lot of people are just gambling on day trading. They have no clue about what they're holding, it could be diamonds or cow dung for all they care, it's just something to get more fiat.
The funniest thing I see is people selling bitcoin when inflation numbers go up.
I don’t know
Not advice but there are also no wash sale restrictions, so you can sell at a loss for US tax purposes and buy it right back (and you should buy it right back!)
Ahh, didn't know this...
It's also a rather popular method of getting rid of KYC-related coins. Sell them at loss (no tax) then buy them back without KYC. Now you have coins that the government doesn't know about. And if you also sell without KYC the government doesn't know how much taxes it should charge you.
Traders using leverage and insiders at exchanges who know where stop losses and buy/sell orders are at. Quite useful to know if you buy facilitate ETF purchases and charge fees for holding it.
the-people-are-retarded.gif
i agree with some of the things already written before, but there's also the situation where you need liquidity because of other things unrelated to bitcoin. when you need to sell, you sell what you can, not what you want.
They are gamblers; there is no logic to what they do.
Might still be up since when they bought it and nobody can time the market.