TL;DR Bitcoin fell to its lowest since April as early holders sold to take profits amid thinning liquidity and a sharp drop in fresh capital. The whole 9 yards of 💩 By The Royal Flush Bitcoin drops to $78,000 as MicroStrategy-fueled rally runs out of buyers, traders say. If you’ve spent any time watching crypto charts while pretending to be a grown-up, you already saw this coming like a weather forecast that isn’t afraid to admit it’s guessing. The micro-inflation of hype around corporate BTC buys has peaked, liquidity has thinned, and—surprise—the market is finally behaving like a market instead of a moonlighting marketing campaign. We should be clear about what happened: a rally stoked by MicroStrategy’s ongoing trojan horse of a strategy—buy more Bitcoin, shout “institutional adoption,” and let the price do the heavy lifting—hit a wall. Early holders, who rode the wave with a mix of bravado and dollar-cost-averaging muscle memory, decided it was time to take some chips off t...
Ignorance is not a strategy.