#crypto #bitcoin #ether #3AC #luna
“Selling pressure abated, Bulls are back”–Paul Ebeling
The Big Q: Has the chaos of LUNA and 3AC been absorbed and digested?
The Big A: Largely yes.
June, and Q-2 in general, was 1 of the worst recorded for crypto markets but has become clear the forced selling, liquidations, and capitulation as a result of LUNA and subsequently 3AC’s collapse is over.
While legacy indexes rallying this week certainly pushed crypto up, market participants and narratives are slowly shifting as data, both anecdotal and empirical, reveal the selling pressure recently.
The market bottomed around 18.8k and 900 for BTC/ETH respectively as Celsius, 3AC, Voyager, BlockFI, BTC miners and others became forced sellers and offloaded billions of assets into the market.
We have learned that Celsius fully paid down their entire Maker debt and performed $1-B in on-chain sales, BlockFi has sold $900-M in BTC below $30-K, Core Scientific sold 7,202 BTC in June generating $167-M, CleanSpark sold nearly all 339 BTC mined in June, Argo sold 637 BTC in June, along with the obvious combination of LFG and 3AC, and their affected affiliates, selling billions worth of crypto assets.
Have a prosperous day, Keep the Faith!