The recent boring price action in the market has raised doubts about whether a bullrun after the halving, as seen in previous cycles, will occur this time. However, let’s take a look at the serious issues the market faced during Q2 and Q3 of 2024:
1. Mx Got returning 150,000 to 200,000 $BTC to creditors.
2. Genesis company selling $2 billion to $4 billion worth of crypto to repay creditors.
3. The German government selling 50,000 Bitcoins.
4. As usual, miners with weaker resources will have to sell Bitcoin after the halving event to offset losses caused by block reward reductions.
5. Grayscale Bitcoin Trust investors selling more than 300,000 Bitcoins, and Grayscale has also been gradually selling 3 million $ETH ever since both the Grayscale Bitcoin Trust and Grayscale Ethereum Trust were converted into Spot ETFs.
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The US Spot ETFs can only absorb part of the se$$lling pressure, but after all, Bitcoin’s price has remained within the key range of $60,000 to $70,000. Furthermore, the inflow of stablecoins (USDT and USDC) continues to pour into exchanges, while assets like Bitcoin, Ethereum, and other altcoins are still being withdrawn from exchanges. This shows that the market has been undergoing a strong accumulation phase over the past few months.
Perhaps the market still needs more time, and we need more patience! A bullrun will have to occur in Q4 of 2024!
