⭐ Merited by gentlemand (1)
This is revealing - https://blog.coinbase.com/on-crypto-markets-and-bitcoins-value-proposition-2fbbca5349dd
"In the 48 hours during and immediately following the drop, we saw record-breaking numbers compared to our last 12-month averages:
5x increase in cash and crypto deposits, totalling $1.3B
2x increase in new-user signups
3x increase in trading users
6x increase in total traded volume
But beyond just a rush, two things are clear: customers of our retail brokerage were buyers during the drop, and Bitcoin was the clear favorite. Our customers typically buy 60% more than they sell but during the crash this jumped to 67%, taking advantage of market troughs and representing strong demand for crypto assets even during extreme volatility."
Those numbers are outrageous and it points to that plunge being a once every few years occurrence. It could of course get back there again after months of boring falls which would be a lot less fun but the prospect of falling through the floor that way again looks remote.
"In the 48 hours during and immediately following the drop, we saw record-breaking numbers compared to our last 12-month averages:
5x increase in cash and crypto deposits, totalling $1.3B
2x increase in new-user signups
3x increase in trading users
6x increase in total traded volume
But beyond just a rush, two things are clear: customers of our retail brokerage were buyers during the drop, and Bitcoin was the clear favorite. Our customers typically buy 60% more than they sell but during the crash this jumped to 67%, taking advantage of market troughs and representing strong demand for crypto assets even during extreme volatility."
Those numbers are outrageous and it points to that plunge being a once every few years occurrence. It could of course get back there again after months of boring falls which would be a lot less fun but the prospect of falling through the floor that way again looks remote.
Yup, lines up with my thinking at the time:
The prospects for a full on V-bottom look decent. We saw insanely high volume exchanged. Capitulation occurred for sure and shorts piled on massively. We just need bulls to follow through now and trap sellers below $6K.
Based on volume and magnitude, this selloff looks like the January 2015 capitulation. A true old school BTC capitulation. I hope nobody around here managed to sell in the $3,000s.
Based on volume and magnitude, this selloff looks like the January 2015 capitulation. A true old school BTC capitulation. I hope nobody around here managed to sell in the $3,000s.
Capitulations like that don't come along but once every few years, like you said. And like any good V-bottom, the market never retested the lows. I honestly don't think we're going to see the $3,000s again.