So its obvious that I know 1% of what you do when it comes to crypto, but I feel that its intuitive that there will be a breaking point somewhere. I know that even 50k seems insane, and yet here we are.
But to be honest, something about this doesn't seem right. If the price can just plummet like it recently did, how thin is this market? Sure you can say most coins are in cold storage, but what kind of asset is this if it can be kicked around by a small group of players? The fact that there is supposedly so much buying every week and every month, why isn't the uptrend consistent and unrelenting? It just seems like BTC can absorb supposedly so much buying by institutions and private individuals, and price doesn't move much, but on some random day, its down 20%. I do not think that it should move the way it does if there is consistent accumulation.
Clearly there is trading happening from both sides, but currently, the trading seems to be a bigger thing than the accumulation. I keep reading how there are many people who will never sell, and then I keep reading how scarce it is, how some miners event aren't selling, and yet, price has gone sideways for over a month. Real Estate is clearly something that is being accumulated and we see that reflect in the price because there is hardly a dip. But this crypto business is something different.
