If I hear one more thing about Tax Loss Harvesting as the reason for crypto's weakness, I'm going to lose my mind.
People may be selling for a lot of reasons, most notably because its going down and everyone now hates crypto, but if they were simply selling for tax loss harvesting reasons, they can easily swap into one of the hundreds of other perfect substitute products out there and still capture the tax loss.
You think an IBIT holder cares if they sell IBIT and roll into FBTC, or vice versa? Not to mention the incredibly high correlations amongst other tokens that can capture the same upside profile while still harvesting the loss for taxes.
No one outright sells an asset purely for tax reasons in an industry with perfect substitutes, you just roll into one of the substitutes.
