The Bad News Continues…but Crypto Rebounds?

TL;DR

• Yesterday morning, the German gov. offloaded another 3,100 BTC (~$178M), and have a tidy 26,000 BTC (~$1.5B) left to go…but somehow, the crypto markets went up during trading hours.

Full Story

You know your older cousin’s childhood friend, Kaylen?

The one who would constantly put his body on the line to perform daring stunts, all in hopes of a quick laugh — and would somehow walk away scratch free, every time?

No? That’s a highly specific anecdote which is clearly based on our own lived experiences?

Well, even so — you know the ‘Kaylen’ archetype.

Right now, Bitcoin and most of the other major crypto projects are giving ‘Kaylen energy.’

Cause the major narrative driving the most recent market sell off — the German government’s fire sale of seized BTC (which we covered Tuesday)?

It got worse.

Yesterday morning, they offloaded another 3,100 BTC (~$178M), and have a tidy 26,000 BTC (~$1.5B) left to go.

…but somehow, the crypto markets went up during trading hours.

(Kaylen energy).

This could be short lived — but for now, it indicates that there’re enough interested buyers that are happy to ignore this bearish narrative, and not only absorb the selling pressure, but outpace it enough to push prices up.

Now, lets all join hands and pray it holds up.