“Just wait for the pump on the chinese new year”

“Stock to flow model puts BTC 100,000 USD next year”

“All CME gaps must be filled”

“Bitcoin is just dumping because of tax season”

All of these narratives are bullshit and have almost no impact on the market at all. The reality is bitcoin no longer can organically grow by funds from the crypto community because of the introduction of futures markets, leverage trading, dark pools and institutional investors. And because cryptocurrency has no intrinsic value, it’s hard for professional investors to decide how to value bitcoin during times of volatility in traditional markets. Is bitcoin a tech stock, a risk asset, safe haven, gold? Institutions have no clue how to classify bitcoin. That’s why we are seeing bitcoin acting so reactive to global markets. Bitcoin is dumping not because of the CME gap, but because professional traders are taking profits on tech stocks and they are thinking bitcoin is in that category. Similarly, bitcoin was pumping a month ago because professional investors were buying gold and they thought bitcoin was in the same category as gold.