A debate erupted in the chat about profit-taking by large players.
So, I will say the following, there may have been some profit-taking on Bitcoin, but not on the scale that you think.
Firstly: There is not enough liquidity in the market to absorb such a quantity of Bitcoins, there simply won't be enough stablecoins for profit-taking. I won't even mention the price drop.
Secondly: As we can see from on-chain metrics, there is currently a mass conversion of Bitcoin to Ethereum. This is a kind of profit-taking. And the higher the price of Bitcoin, the more Ethereum can be bought through conversion. So, there is no sense in pushing the price down to 60-70k, it is not profitable. At least, that is how I see it at this point in time.
Yes, there is an exception for Bitcoin and Ethereum ETFs, which could have generated quite a bit of profit. But one nuance - Ethereum. It barely broke the ATH. Which is just pocket change for this cycle. Moreover, we add that very conversion.
Moreover, besides large players like BlackRock and similar entities, there are many smaller ones who are also interested in making profits. These smaller ones are investors in altcoins and various projects like Arbitrum and zkSync. So, even if profit-taking on Bitcoin has occurred and is in full swing, apart from the largest sharks of this market, there are also smaller fish that have significant weight, interests, and money.
And in general, pay less attention to those who spread panic. Stay rational.
