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what the market did here was max pain to the majority of participants: Alts bleed to new lows against btc -> majors bleed -> eth etf approved -> everything still bleeds -> we find out about gox coins -> btc bleeds more -> eth and alts finally get a bid
Alts are fine tbh. BTC is just extremely undesirable. - ETH ETF to poach flows from BTC. - Mt Gox distribution. Neither really intrinsic to alts. https://t.co/UQs86IXB00
Today marks the largest drawdown on BTC in more than a year. We've felt the knock-on effects of a slow bleed down from $70k but really hard to put to words how strong today's selling was relative to the last few months. https://t.co/WSIb08M3Ni
Bitcoin (BTC) experienced a significant drop, down 8% by the NYSE close, marking its worst day since March 2023. The heavy selling pressure on BTC prevented a short squeeze, while altcoins remained relatively stable. The market saw a major drawdown on BTC, with selling pressure intensifying compared to recent months. Factors such as an ETH ETF and Mt. Gox distribution were mentioned as impacting the market dynamics.