"Lucky Bastards"

No matter how you flip the coin and how it falls back in your palm, it will always have to sides/faces. When you play the odds by flipping coin there's always gonna be a loosing side and a winning one. You can't have it flipped and landing on both of them or two winning options.

Bitcoin transactions/orders on exchanges are working on the same principle, some parties are selling while others are buying, not necessarily on the same percentage, but there's always gonna be winners and losers. You can't call them right after the order has been filled as we can't call the ones who bought the recent bottom of Bitcoin already winners.

This might not have been the bottom, but what if it was? There's some interesting data provided by Glassnode lately pointing at more than 1 million traders liquidated their positions during the Elon dump, that translating to 1.1M noobs who panic sold.

“A total of 1.1M addresses have spent all coins they held during this correction, again providing evidence that panic selling is currently underway.”
source

Also according to Glassnode it seems that the dumped coins were around 155 days old, or in other words Bitcoin that was purchased over a time frame of around three months. We might consider traders for this category too, but my take is that most of these panic sellers are the FOMO buyers. The ones that don't invest in crypto based on any due diligence.

They're the type of guys/gals that form XRP armies, fanatic DOGE communities and show their portfolio to their relatives whenever on green, usually buying tops. Noobs, as the title of the above linked article calls them. These folks should better watch this Pompliano interview before putting any money into crypto, especially Bitcoin.

Bitcoin hasn't fully recovered since the dump and it will probably take a while before we see it back at $60K, while its dominance is gradually loosing strength, currently sitting at 38% of the whole market. Alts seem to be recovering faster, XRP, ADA and MATIC being a few examples to strengthen my statement and my personal take is that we will see BTC once again revisiting the 33% dominance level, the low of the 2017 bull market, before this one is over.

Crypto dudes that have done their homework before jumping into crypto, "especially Bitcoin", are on the other side of the coin, or lets say on the possibly winning side of the selling order of a couple of BTC. Michael Saylor's MicroStrategy bought another $10 million of bitcoin during the cryptocurrency's price pullback and that's actually the second purchase after he/MicroStrategy has managed to load another $15 million worth of BTC a couple of days ago.

MicroStrategy's latest purchase brought its bitcoin holdings to 92,079, acquired for $2.25 billion at an average price of $24,450. Smart money, that's how you call Michael Saylor. Folks like him don't panic sell, don't FOMO, don't listen to a clown like Elon Musk and don't decide their bids based on whether Tesla will or will no longer accept Bitcoin as a payment.

If Tesla doesn't, some others will. All this nonsense and FUD around Bitcoin has basically "no intrinsic value" and isn't backed by anything. The ones that are heavily invested in Bitcoin, have been doing that for years and understand the technology are not shaken out by crap poured on twitter by anyone in this world.

Profit incentives are still around the blockchain technology and its investors, but for the one able to see beyond dollar valuations, the fruits of such investments might be tastier. Despite all the adversities crypto has faced and is facing, it's still standing and marching and selling that "share of such a revolutionary technology" out of panic will for sure turn into a frustration in a couple of years from now.

The bull market is not over and Bitcoin is definitely not designed to be banned or destroyed in any way. A matter of fact it looks like it was created as a panacea for the illness in which the current society is currently drowning. There's always gonna be two sides of the coin, some noobs have definitely picked the losing one this time.

Thanks for attention,
Adrian

Posted Using LeoFinance ^Beta