Crypto Apocalypse Continues: Whales Dump Bitcoin

Crypto Apocalypse Continues: Whales Dump Bitcoin Bankruptcy of FTX, the lack of liquidity of its partners, the risk of selling the largest Grayscale fund with a reserve of 643,572 BTC, and the SEC and CFTC investigation into Binance caused a new wave of panic. This time, even the most ardent supporters of Bitcoin  long-term holders (LTH)  faltered.The activities of the bankrupt FTX are being studied by the Department of Justice and the US Congressional Finance Committee: the exchange owes more than $3.1 bln to 50 leading creditors, and the total number of creditors may exceed 1 million.Storm will gradually spread to the entire crypto market: Bank of America has downgraded the rating of the Coinbase exchange  on this news, the site has already lost more than 5%.Dynamics of blocked funds in the blockchain confirm that the smart money and large players left the Solana network a long time ago. Now the SOL token is worth 95% less than in November 2021, when almost $260 was given for one coin. Over the past two weeks, SOL's capitalization has decreased from $11.6 billion to $5.1 billion.As recently as last week, popular analyst Peter Schiff argued that the crypto still has a long way to go and that the $10,000 zone is the most realistic BTC price.Already, more than 5% of BTC sales are coins that have been in cold wallets for more than 3 months. More than 50,000 BTC changed hands every day with a shelf life of more than six months. The peak of sales of archival coins fell on November 17  130.6 thousand BTC. The need to sell BTC to pay current bills and loans will only get worse.However, where some feel fear, others see opportunities. Institutional investors increased their investments in short Bitcoin-ETF (profit is formed when the price falls) by $18.4 mln over the week. But such transactions are not available to the market plankton.In any case, it is too early to buy BTC, and there is almost no chance of a successful sale.Profits to yall!#ForexChief #Crypto #forexnews #Bitcoin #worldnews #BTC #CFTC #BankOfAmerica #SOLtoken #Coinbase #Binance