Almost all BTC is owned by very few people; 4% of addresses own 97% of all BTC in existence. And within those 4% there's even further deep concentration.
The vast majority of BTC players (approx 96%) own fuck all.
Think about this for a second: the vast majority of players are holding around 3% of all the available BTC.
The Big Sell
What do you think those tiny few with all the BTC are thinking? What would you do with your 7,564 BTC bought in several tranches a while back (including the ones you snagged under $10 back in early 2013)? Given the gignormous run up would you not be tempted sell a few coins into the hordes of buyers willing to pay x10 or x100 or x400 what you paid? Would you not think "man I should diversify!" ... maybe turn a few hundred BTC into gold... or a few thousand into some nice rental properties? ... and do it while still possible to avoid capital gains taxes...
I stand by my post from nearly a month ago. The peak for this run-up has come and gone.
We are on the downward slide now. A slide that will turn into an avalanche. Just need a solid media narrative to set it off. North Korea, Fed policy flip-flop, Russian bank run.. take your pick.
By Xmas BTC will be down 50% from here. By mid-2018 more than half of today's cryptos will be a distant memory. And many former crypto hundred-thousand-aires will have vanished.
But >> will you be a buyer then?
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