© Reuters.
The speculation regarding the U.S. Federal Reserve’s tightening cycle and recent geopolitical developments may have resulted in panic selling by short-term traders. Analysis from Glassnode suggested that traders who had purchased (BTC) near the November 2021 high liquidated their positions in the past two and half months. This supply was absorbed by high conviction investors, which resulted in a redistribution from weak hands to strong hands.
The crypto market, due to its resilience, continues to attract erstwhile naysayers to its fold. The latest popular figure to have a change of heart is Ken Griffin, founder of American multinational hedge fund and financial services company Citadel. In an interview with Bloomberg, Griffin said that Citadel will “engage in making markets in cryptocurrencies” over the next few months.
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