Currently, there is a strong demand for deleveraging, but bottom-fishing funds are still entering the market. If today's low point is not the bottom area, then it probably won't drop much further.
Since the pullback from Ethereum's peak last week, two micro-strategies have been accelerating their bottom-fishing:
SBET has increased its holdings by 140,000 coins in the past week, far exceeding the previous average of 70,000 to 80,000 coins per week, with an average holding cost of $3,940.
However, these two seem to distrust the staking protocols available in the market. SBET is custodied on Figment and Coinbase, while BMNR primarily exists in its own wallet and plans to build its own nodes for staking, which is considered a medium to long-term bearish factor for those staking protocols that issue tokens.
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