Grayscale Bitcoin Trust (GBTC) Is Historically Bitcoin Front Runner:
GBTC currently -79.39% from ATH, a price equivalent to Bitcoin @ $14,094.20 - A possible near target for Bitcoin.
Historically, Bitcoin average bear market correction is -85% from all time high.
If this scenario is to play out according to historical data, Bitcoin should bottom @ $10,343.44 (-85% from All Time High).
Liquidation Crises Contagion Effect:
1. Celsius Collaterised loan of 23,962 wBTC | $231.4M | 219.44% | Liquidation price $14,004.
2. Three Arrows Capital (3AC) 223k ETH | $264M position with $198M in borrowings against it, @ a 85% liquidation threshold, a -11% move in ETH to $1,042 liquidates it.
3. The largest Bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC), is now trading at its biggest ever discount to the spot market.
GBTC premium hits -34% all-time low, largest discount ever on spot market.
Data from on-chain analytics resource shows GBTC shares down -34% versus Bitcoin (BTC)/USD on major exchanges as of June 17.
These liquidation crises if occur will have a contagion effect on Bitcoin & the entire Crypto market.
Macroeconomics (Fundamentals) Bearish Factors:
-Fed Hawkish Interest Rate Hikes.
-Fed Quantitative Tightening.
-Growing Inflation.
-Russia-Ukraine war.
Noteworthy:
Do not forget the historical wise saying, "Never invest more than you can afford to lose."
Not a financial advise, I suggest using this only as a guide - Do your own research.
If you have any questions, kindly write in comments below - I will answer them.
What do you think about this possibility?
Let us know what you think about this subject in the comments section below.
Kindly support this idea with your like and comment, thank you.
GBTC currently -79.39% from ATH, a price equivalent to Bitcoin @ $14,094.20 - A possible near target for Bitcoin.
Historically, Bitcoin average bear market correction is -85% from all time high.
If this scenario is to play out according to historical data, Bitcoin should bottom @ $10,343.44 (-85% from All Time High).
Liquidation Crises Contagion Effect:
1. Celsius Collaterised loan of 23,962 wBTC | $231.4M | 219.44% | Liquidation price $14,004.
2. Three Arrows Capital (3AC) 223k ETH | $264M position with $198M in borrowings against it, @ a 85% liquidation threshold, a -11% move in ETH to $1,042 liquidates it.
3. The largest Bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC), is now trading at its biggest ever discount to the spot market.
GBTC premium hits -34% all-time low, largest discount ever on spot market.
Data from on-chain analytics resource shows GBTC shares down -34% versus Bitcoin (BTC)/USD on major exchanges as of June 17.
These liquidation crises if occur will have a contagion effect on Bitcoin & the entire Crypto market.
Macroeconomics (Fundamentals) Bearish Factors:
-Fed Hawkish Interest Rate Hikes.
-Fed Quantitative Tightening.
-Growing Inflation.
-Russia-Ukraine war.
Noteworthy:
Do not forget the historical wise saying, "Never invest more than you can afford to lose."
Not a financial advise, I suggest using this only as a guide - Do your own research.
If you have any questions, kindly write in comments below - I will answer them.
What do you think about this possibility?
Let us know what you think about this subject in the comments section below.
Kindly support this idea with your like and comment, thank you.