by Eli
It's been a massive rally over the last 15months in the crypto sector since bitcoin bottom on March 13, 2020. Now however the sector seems ripe for some form of a breather.
Since the beginning of the year 2021, the price of Bitcoin has increased by almost 100%. The latest Bank of America fund manager survey, which catches 194 fund managers with a big chunk of money that worth over $500 billion overall, says that "Long Bitcoin" is the most crowded trade in the world at the present time.
Source: BofA Global Fund Manager Survey
As the notes in the survey suggest, "Long Bitcoin" is now the most crowded trade at 27%.
Bitcoin has been witnessing an increasing momentum since late February. In particular, the pace of the rise had slowed down more and more since prices pushed above $60,000 in March for the first time.
BTCmain daily chart source: moomoo
Many had been thinking of cryptocurrencies as "digital tulips," reminiscent of the 17th-century tulip mania in Amsterdam that drove up tulip prices beyond reason. Many think this is going to continue its process of integration with the financial system.
Overall, it is imperative to advise caution in the current environment, while a long-term trend is not yet in sight, a significant correction or sharp pullback should not come as a surprise.
Comment(7)
Not surprise as Elon holdIng most as an individual in BTC already lost his interest in keeping them. Is only a matter of time all his holdings will b sold.
Next learning item is to understand what Long and Short means in stock and crypto.
? It’s obvious no? Long term vs short term
Overall, it is imperative to advise caution in the current environment, while a long-term trend is not yet in sight, a significant correction or sharp pullback should not come as a surprise.$Bitcoin (BTC.CC)$
long BTC and maybe MSTR
Massive selling on Bitcoin… musk letting go his holdings ???
no fear 👍
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