|
|
|
|
|
|
by pavlov
1249 days ago
|
|
|
I feel like you and I are actually arguing the same thing. A lot of people in crypto are obviously crypto-rich and have been converting to cash over the years to buy those fancy cars and penthouses. So who's left buying today? Retail frenzy brought the fresh dollars but it's dried up. Those crypto-millionaires don't need to convert their cash back to crypto. They own enough crypto already, and (as you describe) they went through an effort to build cash positions, so why revert that... So where does the $10 billion in cash come from? |
|
|
I know that institutions and high net worth individuals (hnwi) are quietly buying. There are companies like attestant.io who are staking ETH for (hnwi).
> Retail frenzy brought the fresh dollars but it's dried up.
For now. Being in the industry myself, I've had a saying for years, like it or not... magic internet money always goes back up. I feel like you're just looking at one blip in 13 years of blips, throwing up your hands and saying game over. That's like saying after the dot-com bubble bursting, that tech would never go up again.
You can definitely bet that people are buying the dip. It is starting to show in the recent upward price movement too. 20%+ gains in a few weeks are not small.