TechFlow news, 10x Research posted on X indicating that the Bitcoin bull market will continue unless major macro events—such as interest rate hikes or stock market corrections—disrupt market liquidity. Last night's sharp decline may leave some impact on newly entering capital, potentially causing price consolidation over the next 1-2 weeks.
This incident was foreseeable. In crypto, the highest returns occur near the mid-top or at the end of a cycle, but volatility is also extremely high during these periods. Last night, an unknown wallet address created in 2010 sold a large amount of Bitcoin near the all-time high. However, this may not be the only hidden seller.
Some have attributed Bitcoin’s January price drop to FTX creditors selling $1 billion worth of Grayscale GBTC shares. With GBTC outflows significantly increasing over the past five trading days, this selling pressure may have already started affecting the market. If so, it could take several days and result in a deeper market correction.
