2 years ago
Summary:
- Three Arrows Capital Co-Founder Zhu Su believes Bitcoin mightiness person reentered an accumulation range.
- According to his analysis, Bitcoin has had a record-breaking 7 weeks successful the red, signaling imaginable accumulation.
- Bitcoin spot and derivatives volumes are besides astatine their one-year highs.
- Bitcoin is exhibiting immoderate spot against stocks astir overnight
- Earlier this week, Zhu Su confirmed that Three Arrows Capital had been deed hard by the depegging of UST and consequent marketplace sell-off and ostentation of LUNA.
The Co-Founder of Three Arrows Capital, Zhu Su, is of the sentiment that Bitcoin mightiness person entered an accumulation range.
According to his investigation shared via Twitter, Bitcoin could beryllium entering the accumulation scope owed to the record-breaking 7 weeks that it has precocious experienced. Also, Bitcoin spot and derivatives measurement person some deed yearly highs during the Luna Foundation Guard liquidation of its 80k Bitcoin reserves.
Some signs #Bitcoin is re-entering an accumul range
1) 7weeks down, astir successful btc history
2) largest spot and deriv measurement successful a yr during lfg liquidation of 80k btc to 26k price
3) btc spot vs stocks overnight
4) Mayer aggregate astatine lows
5) Asian hrs stronger than US hrs pic.twitter.com/FxIwnVHsoX
— Zhu Su 🔺🌕 (@zhusu) May 19, 2022
Bitcoin has Exhibited Strength Over Stocks.
Zhu Su pointed retired that Bitcoin is exhibiting singular spot against stocks, and its Asian trading hours are present showing much spot than US trading hours.
Furthermore, helium pointed to the caller 7k Bitcoin travel into Canada’s Purpose Bitcoin ETF during past week’s turmoil arsenic a motion that buyers are stepping up astatine existent BTC levels. He besides shared the pursuing reasons arsenic to wherefore helium believes Bitcoin is apt successful an accumulation range:
- The resurgence of Tether FUD successful the crypto markets is similar to precocious 2019, erstwhile the markets were cooling down aft a year-long sell-off.
- Bitfinex Bitcoin longs hitting caller all-time highs.
- Traders are present starting to abbreviated Bitcoin to hedge against backstage sales.
Possible White Swan Triggers for Bitcoin
Mr. Su besides shared that determination could beryllium 3 White Swan events that could catalyze the accumulation of Bitcoin by retail traders, institutions, and adjacent sovereign countries. The White Swan events include:
- El Salvador’s Bitcoin league hosting 44 planetary cardinal banks
- Potential of OPEC to usage Bitcoin successful planetary payments
- Commodity federation sovereign wealthiness to behaviour thesis-driven allocations of Bitocin
Three Arrows Capital Was Hit Hard by UST’s Depegging and LUNA’s Market Meltdown
Also worthy mentioning is that successful an earlier Tweet, Zhu Su had confirmed that Three Arrows Capital had suffered immoderate losses owed to UST’s depegging and the LUNA marketplace meltdown that soon followed. He said:
Some ppl asked maine wherefore I americium keeping luna successful my illustration Its bc one invested successful it, judge successful the community, and stock successful the communal purpose.
The attacks and consequent de-peg risks were flagged by critics; the fast-growing ecosystem shouldve done much to determination slowly+safely.
This has been an incredibly humbling week and its hard to find the close words.
The critics had genuine concerns astir peg risks and going fwd treatment indispensable beryllium encouraged, “fud” indispensable beryllium met w refutations, maturation indispensable beryllium integrated adjacent if slower.
This is Terra’s DAO hack infinitesimal I volition not unreal to cognize what the aboriginal holds but I volition bash my portion to help.
According to a Bloomberg report, Three Arrows Capital and Jump Crypto had participated successful a $1 cardinal merchantability of LUNA tokens successful February of this year.
English (US) 