Market Bleeds And Social Media FUD Reaches Historic Levels As Bitcoin Whales Sell Off

The cryptocurrency markets have continued to bleed, with social media now showing historic levels of Fear, Uncertainty, and Doubt (FUD).

It’s rare for an hour to pass without more mentions of “sell” than “buy” across crypto forums. In the past 24 hours alone, there have been several instances of this, including the highest ratio of negative to positive comments seen so far in 2024.

For bold traders, this may be a window to adopt a contrarian approach and buy amid the crowd’s anger and frustration.

On Reddit, several users reported that their Bitbank accounts received Bitcoin (BTC) and Bitcoin Cash (BCH), with the amounts matching those listed in the Mt. Gox table. Today, Mt. Gox transferred 1,544.67 BTC (approximately $84.87 million) to the hot wallet of the Japanese exchange Bitbank.

According to analyst Ali Martinez, Bitcoin whales have sold over 30,000 BTC in the past month, worth approximately $1.8 billion. Currently, Bitcoin lacks significant support, with the main demand wall around $47,000.

For the bull run to resume, BTC must close and hold above $61,000.

Nine (9) ETFs Decreased Their Holdings By 69 BTC As The Sentiment Grows Cold

On July 4, nine exchange-traded funds (ETFs) decreased their holdings by 609 BTC, equivalent to a $35 million reduction. Grayscale also decreased its holdings by 535 BTC, a $30.7 million reduction, and now holds 274,724 BTC valued at approximately $15.76 billion.

The current market sentiment and substantial whale sell-offs indicate a challenging environment for Bitcoin and other cryptocurrencies. However, for those willing to take a contrarian stance, this period of heightened FUD and selling pressure could present a unique buying opportunity. As always, investors should exercise caution and conduct thorough research before making any investment decisions.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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