People need a boogie man for things they don’t understand so my guess is they never will realize it. Last week’s drop, specifically, was mechanical degrossing. That’s it. Not the exchanges or Blackrock selling, not a shift in belief, just mechanical degrossing.

Term of the week: mechanical degrossing
The explanation for #Bitcoin’s drop last week needs to account for four things - timing, breadth, sequencing, and correlation. Only mechanical degrossing does so.
There was no discrete Bitcoin-specific catalyst. The pressure in high-beta

Christopher Inks

Twitter

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