Speaking of yesterday's dump, I don't think it's the Biden tax thing, they would be fools to sell in unison. What kind of a dork would "take profit" selling at 53k and below?

There are the usual valid reasons: futures expiring, Coinbase fuckery, China energy crisis, Turkish exchange exit scam. A tax thing might add to the trend; not generate impulse events such as this. I personally think it's just whales front running a breakout to the mid 70's. The dumps are obviously timed and intentionally designed to inflict max pain.

I personally think it's arbitrage: short futures vs long spot. If I were doing that, I'd prefer the futures (number) to go down rather than up - profit in btc, and the long spot part I could keep in btc for the next rinse&repeat. If it goes the other way (if number go up), you still make the same $ amount, but you've gotta sell the btc you bought (longed) on spot, so in a btc sense you're poorer.

Q: Is this a double top like in some previous cycle?
(som)A: IT might be similar or not, but this ISN'T the top.

F'ing dumpers.