Quote from: jseverson on August 14, 2018, 08:29:10 AM

If people have been dumping their alts (enough for this sea of red anyway) for Bitcoin, Bitcoin price should be surging. Instead, the $6000 support was broken for the first time in I don't even know how long.

Why should Bitcoin be surging?

People converting altcoins to Bitcoin doesn't mean they keep it in Bitcoin. Currently we can see how related altcoin conversions to Bitcoin are as people dump their Bitcoins for USD in order to exit the market. Bitcoin's USD liquidity is what altcoin dumpers are after, because their own USD liquidity is peanuts and can't handle many more dumps.

The price of Bitcoin was below $6000 around 1.5 months ago, so it's not really that long ago.

Quote from: jseverson on August 14, 2018, 08:29:10 AM

From those tidbits, one can probably conclude that money is leaving the market that and every coin is doing horribly, with Bitcoin much less so than alts.

Yes. I have pointed out a while ago that a huge load of USDT was taken out of circulation, but no one even paid any attention because they are too blind or ignorant to see what's going on. Money is indeed leaving.