There are so many scenarios where entirely more than $10 million enters the market overnight.
While nothing is a certainty in this world, I'd say the odds of someone dumping 10 million onto an exchange and slamming market buy with every last dime of it are slim to none. If someone had $10 million they wanted to put into bitcoin, they would probably be bidding in the upcoming auction, or buying off-exchange.
...and when they lose the auction, that is exactly what they will do. Maybe not a market order. But certainly a lot of buying pressure after the auction. There will be days in the near future where $10 million per day will be a drop in the bucket. Feel free to save this post and recirculate in the coming months.
One, thinking like yours is what makes people panic buy at the top of rallies. Two, you originally said "$10 million enters the market overnight," not "a lot of buying pressure after the auction."
We need to be shooting for 100% of m2 then. Fuck those other currencies.
Yeah good luck with that.
1. I am not advocating buying at the top of the rally, I am advocating buying right now. When it goes past $500, you are probably too late considering fiat deposit times.
2. $10 million is nothing to hedge funds, retirement funds, etc. There will be be buying pressure right after the auction and long after.
3. People are going to be sick that they missed out on buying bitcoin at these prices. My advice is to buy what you can afford or forever regret. You are lucky to even know what Bitcoin is at this point in its evolution.