Within 24 hours, Canada Bitcoin ETF sold 24,500 BTC into the North American market last Friday.
Bitcoin (BTC) experienced strong selling over the weekend, with the BTC price plummeting to $18,000. Since then, Bitcoin has regained more than 10% and is now hovering around the $20,000 mark.
Arthur Hayes, the co-founder of crypto exchange 100x, reports that Canada’s Purpose Bitcoin (BTC) ETF sold a stunning 24,500 BTC by Friday close, North American time, citing Coinglass statistics. It means they sold half of their holdings in a single day, which is a large amount of BTC to sell in a single day.
As previously stated, the BTC price fell below $18,000 during the weekend, reaching a low of $17,600. “Smells like a forced selling triggered a stop-loss run,” Hayes writes.
Hayes anticipates more forced selling incidents in the future, citing the crypto loan market’s grim history. Hayes says:
“After the sellers dumped their bags, the market quickly rallied on low volume. Given the poor state of risk mgmt by #cryptocurrency lenders and over-generous lending terms, expect more pockets of forced selling of $BTC and $ETH as the market figures out who is swimming naked”.
After a severe drop last week, Bitcoin made a strong comeback on Sunday, June 19. For the time being, it is trading above $20,000, but the main question is how long it will last. Bitcoin detractor Peter Schiff writes:
“Don’t get excited about Bitcoin is back above $20K. 20 is the new 30. This is just another bull trap. Nothing drops in a straight line. This slow-motion crash has been extremely orderly. No sign yet of any capitulation that typically forms a bear market bottom”.
Soon after the United States issued its inflation figures for May 2022, Schiff projected that BTC will fall below $20,000 and ETH would fall below $1,000. This occurred only a week after his prediction.
Even Arthur Hayes admits that he is unsure whether there will be any more anguish. However, he feels that “talented knife catchers” will have more opportunities.
