[Althuns]

Looks like the drop was due to folks taking the opportunity to unload. Is this a temporary movement due to a number of reactionaries or will it sustain?

[alwillis]

In the big picture view of bitcoin, a 15% drop in the price is meaningless. Even with the drop, the 5-year return for bitcoin is 995%.

[paulpauper]

someone could have said the same about Enron's initial 15% drop in 2001. Stock indexes have a century-long history of recovering. Bitcoin? a decade.

[paulpauper]

It is worse than that. It is due to Grayscale mass liquidations, which few people apparently saw coming. The unlocking of liquidity backfired on longs due to liquidation of GBTC. This is another example of how speculators and investors tend to get blindsided. You think you understand the risks but you don't. You understand the risks you know, not the unknown ones that only manifest when too late.

The concern now is grayscale will keep dumping , so people are selling into this fear, creating additional selling on top of the Grayscale selling in anticipation of more Grayscale selling.

[mouzogu]

it won't sustain.

it's the ftx bankruptcy selling into liquidity and a cyclical kind of sell the news local top.