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Bitcoin has been continuously sold off in recent days. Earlier this week, digital asset management giant Strategy announced its first token sale since 2022, which led to a deterioration in investor sentiment in the crypto market.
Bitcoin price briefly fell below $62,000 early Thursday morning and has since rebounded to $63,200. Rajiv Sawhney, head of international portfolio management at Wave Digital Assets, said that the signal Strategy sends to the market is the most important.
He emphasized that from a financial perspective, Strategy’s sale this time was very small, only selling 32 bitcoins from its reserve of 843,706 tokens, but this shattered market confidence in the company's long-standing stance of “never selling.”
The trend of Bitcoin also contrasts sharply with the recent stock market rally, highlighting the growing divergence between this cryptocurrency and tech stocks. The Nasdaq 100 index has risen 38% over the past 12 months, while Bitcoin has fallen 40%, currently half of its peak last year.
Bitcoin was once seen as a high-beta substitute for tech stocks, but since the market crash in October last year, this correlation has weakened.
Carney Mak, partner at FXHB Asset Management, pointed out that the firm has been shifting some funds from Bitcoin and digital assets into artificial intelligence stocks. Compared to digital assets, AI currently offers more attractive risk-return characteristics, prompting some investors to readjust their portfolios.
Late in the bear market?
Compass Point analyst Ed Engel said that 26% of Bitcoin sales in the past 30 days came from investors who bought the token when Bitcoin was above $90,000.
He noted that these top buyers have shown resilience throughout the bear market, but as Bitcoin approached new cycle lows, they ultimately succumbed. This reinforces his belief that Bitcoin’s bear market is in its late stage.
Another data point also shows a lack of enthusiasm among large buyers. During last month’s rally, holders of 1,000 to 10,000 bitcoins led the buying, a group typically associated with large institutions. By June, these buyers’ activity had declined.
Mak said that cryptocurrencies currently lack strong short-term catalysts and rely on liquidity and macroeconomic conditions. He also pointed out that some initial public offerings related to cryptocurrencies have been delayed, while AI companies continue to attract investor demand and drive market development, thereby crowding out funds.
Trade Nation senior market analyst David Morrison predicted that if Bitcoin’s price continues to fall sharply below current levels, the likelihood of a $60k low increases.#分享美股交易赢英伟达股票 #Gate携手Alpaca链接数字资产与股票金融交易 #ETH跌幅超5%