๐๐Bitcoin's 15% plunge blamed on miners, Mt. Gox refunds & Saxony? NYDIG's research head, Greg Cipolaro, says "Hold my beer!"๐บ He argues the price impact from potential selling may be overblown.
๐๐Investors have been eyeing Bitcoin transfers linked to Mt. Gox, the U.S. government, and Saxony, fearing imminent sales of their combined $20 billion stash. But Cipolaro's analysis suggests the price decline is deeper than it would have been for stocks.
๐ทโโ๏ธ๐จReports about miners selling their BTC stash en masse? Overstated, says Cipolaro. NYDIG's data shows publicly listed mining companies actually increased their bitcoin holdings in June.
๐๐กCipolaro warns against relying on blockchain data about miners moving assets without knowing the nature of those transactions. Coins moving to an exchange or OTC desk could've been posted as collateral or lent out, not necessarily sold.
๐๐So, fellow blockchain enthusiasts, is the market overreacting? Is this an opportunity created by irrational fears? Let's discuss in the comments! #DeFi #Web3 #Bitcoin #CryptoNews