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Some people are confused about the consequences of the Mentougou Bitcoin sell-off.

The total number of Bitcoins is 21 million, and 19 million have been mined so far.

If even 1% of the selling pressure can break the bull market, then this shows that the current price may be in a bubble. In contrast, in a normal stock market, it is also normal for the daily turnover rate to be greater than 1%. So why are people so afraid of the Mentougou sell-off?

This question involves the belief of market participants. In the field of cryptocurrency, the market often follows the trend. First of all, are there really 19 million Bitcoins in circulation in the market?

The answer is obviously no. Due to various reasons, such as loss of private keys, loss of notes, theft, and loss of cold wallets, the actual number of Bitcoins in circulation is far less than the total amount mined.

For example, the German government recently sold 50,000 Bitcoins, which caused the price of Bitcoin to drop directly from $67,000 to around $55,000.

If Mentougou really sells bitcoin on a large scale, the sale of hundreds of thousands of bitcoins may cause the market to fall into a crazy panic.

If no one is willing to take over, the result of the follow-up sell-off may cause the price of bitcoin to fall directly back to $20,000 or even lower.

Although the impact of retail investors' selling is limited, the most worrying thing is that large institutions will follow suit and sell. The core significance of the cryptocurrency market lies in its hype nature. If institutions start selling, the credibility and value of Bitcoin may be seriously affected.

The massive sale of bitcoins seems inevitable, which is a typical manifestation of the market following the trend. $BTC $ETH $BNB