CryptosRUs shared some fascinating insights recently, and the CoinSpeech team has gathered the most important points from his latest appearance. You can find CryptosRUs’s new video below.
Understanding Miners’ Sell-Off
The recent Bitcoin dip has been linked to older wallets, primarily those held by miners. “A lot of miners are feeling the pain after the halving event,” CryptosRUs stated. The reduction in Bitcoin’s inflation rate has led to a significant reduction in the amount of new Bitcoin produced. This means, “all the big miners and their thousands and tens of thousands of mining rigs…all of a sudden make half as much as before,” causing financial strain and subsequent selling.
Deciphering Germany’s Massive Bitcoin Sale
Germany’s unexpected sale of over $3 billion worth of Bitcoin adds another layer of complexity. “Germany is now selling Bitcoin…$600 million worth of Bitcoin out of that wallet,” and it’s not clear why. CryptosRUs speculated that Germany might be facing financial pressures, given the economic slowdowns worldwide and interest rate cuts. However, he questioned the timing and the approach, noting, “they’re not trying to do a OTC deal…they are actually selling.”
Bearish Sentiment and Short Selling
The influx of short positions is notable, with significant downward pressure resulting. “There’s over $1.65 billion worth of shorts just between where we are now and $70,000,” he observed. This could indicate market manipulation or strategic timing by whales or market makers, aiming to suppress Bitcoin prices.
Resilience Amidst Market Pressures
Despite these pressures, Bitcoin remains strong around the $65,000 mark. “All the negative attention and pressure…Bitcoin is still holding strong,” he pointed out. This resilience is promising for Bitcoin’s future, as retail investors continue to buy during market dips.
The Bigger Picture: Fundamentals and Macro Conditions
CryptosRUs reiterated his confidence in Bitcoin’s fundamentals and technicals. “Fundamentals are Skyhigh…and that move to the next leg up.” Additionally, he foresaw favorable macroeconomic conditions, possibly driven by pre-election monetary policies in the US. “It’s all building up Perfect Storm for money to be flowing…including Bitcoin.”
In conclusion, CryptosRUs remains optimistic. “You got to stay strong, continue to hold on, DCA… we will come out much stronger.”