Alex Saunders
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Bitcoin is weathering its ugliest week in months as narrative fades and liquidity rotates
Bitcoin is getting pummeled to kick off June as the market loses its dominant narrative and liquidity continues to rotate into other assets. The combination has left the flagship cryptocurrency vulnerable to further downside pressure as investors scale back risk and capital shifts toward markets with more momentum or more obvious near-term catalysts, like the chip rally or the SpaceX IPO. Bitcoin is down 13% this week and heading for its worst week since February, according to Coin Metrics.
Bitcoin's high conviction holders are turning into sellers as the crypto's price hits new lows
Bitcoin's highest conviction holders have joined the sell-off in the cryptocurrency, which could signal the beginning of the end of the ongoing crypto slump, according to Compass Point. Long-term holders – defined as those that have held onto their coins for at least 155 days, or about five months – were largely inactive from February to April but have turned into sellers in recent weeks, Compass Point analyst Ed Engel said in a note Tuesday. In the past two days they've sold about $2.4...