Mp*Struik

Something about this Bitcoin crash to $62K is seriously bothering me. And I think it’s worth looking at what’s actually happening. A huge amount of selling pressure seems to be coming through Coinbase, especially during a weekend when liquidity is normally much lower. Some interesting numbers: • Coinbase’s Bitcoin premium has been negative for over 50 consecutive days, suggesting persistent weakness in US demand. • Saturday’s BTC/USD volume on Coinbase was already almost 4 TIMES its usual Saturday average by 18:00 UTC. • US Bitcoin ETFs lost another $1.07 BILLION last week. • Around $1.6 BILLION in leveraged crypto positions were liquidated during Friday’s selloff, mostly longs. • Bitcoin has now lost roughly 50% from its $126K all-time high. So what the hell is actually going on? Is someone dumping Bitcoin ahead of some seriously bearish news on Monday? Are large players deliberately taking advantage of thin weekend liquidity to push prices lower and trigger liquidations? Or is this simply what happens when institutional demand disappears and leveraged traders get absolutely destroyed? I don’t know. And anyone pretending they know exactly who’s behind this is probably talking nonsense. But the timing and unusually heavy Coinbase activity certainly caught my attention. What I find even more fascinating is the sentiment. I’ve been in Bitcoin for over 9 years, and I genuinely can’t remember seeing this many people seriously questioning whether Bitcoin will EVER make another all-time high. Not whether we’ll fall another 10% or 20%. But whether the entire Bitcoin thesis is finished. That’s a pretty incredible psychological shift. I still believe the $58K area could mark the cycle bottom, although I wouldn’t rule out a temporary move below it. And personally, I continue to see this entire region as an increasingly interesting long-term opportunity.