Actually that is a very hard assessment to make. Where to exit? When to exit? The best answer is probably to exit only if you need the funds, or if you have achieved life changing profits. But even then, who knows where this will go? With the ETFs having entered the scene, this feels more like the end of the beginning than anything else.
Not me. AUD100K is not even ATH in USD. Maybe some will take $ off the table but there's no evidence that wallet holders are selling BTC to any extent, most are taking their coins off exchanges if they haven't already done so and OBV is still rising.
my opinion only.. although the phrase has been said many times before about this time being different, the fact is that institutional capital has entered makes this cycle different, such buyers don't care about price, they care about position...they have unlimited money basically. Sure this does go against the soul and ethos of what BTC is, but it now makes it available to entities which previously could not buy....except for a black swan like Satoshi's wallet moving, where will the volume come from to create say a 70% drop for example? I'm not sure... GBTC outflows have been eaten up easily, MSTR announced another $600 m raise for purpose to buy more BTC, chat of Saudi sov. wealth funds entering if not already. Sure, Blackrock, Fidelity are big but if we get any sniff of another nation state or even a rate cut... it's 100k + no problems at all imo. Last week BTC inflows were last i checked nearly $2b? compared to $20m for gold, BTC has now passed silver in mc, it's going for gold. Record inflows today again for BTC... all my opinion only.
PS. if the US government decide to actually sell, (they have already moved BTC to an exchange), yeah sure it will wick down but I think the buying appetite will absorb it very quickly.
This may be useful, price v MVRV ratio, above 3.7 is "overvalued", currently about 1.8. https://cryptoquant.com/asset/btc/c...riceScale=log&metricScale=log&chartStyle=line
Mt. Gox still has a whale sized lot of BTC to liquidate for their bankruptcy, but seeing as how Gemini just liquidated $1.3B of BTC in the last week or so and that didn't drive BTC down, I'd say that ETF inflows are going to gobble up anything whales are foolish enough to relinquish.
I'm liking this correction, there's been a fair bit of blue sky between the last set of decent lows and the recent high. Gives buyers a chance to DCA in or even open a position, and of course when it corrects we'll have a nice support zone for the next leg up.
FYI, this might explain some of the trading action of the last day or so: https://www.msn.com/en-us/money/mar...eea-ahead-of-eu-crypto-regulation/ar-BB1k6XRg
Probably not much impact from this. Retail investors will just use USDC or something else and OTC investors can still use USDT. I'm guessing the price action is more likely to do with Fed's upcoming FOMC meeting in reaction to the recent inflation data and also short-term holders taking profits.
