Bitcoin + BlackRock = Big Bull Market — NGMI Newsletter #3
Unholy ETF inflows, Solana memes, left-curve alt season is simple, NGMI Capital Updates and more.
Last week everyone’s favourite institution Grayscale dumped nearly $900 million worth of Bitcoin on the market, with Genesis and DCG-related bankruptcy selling seeing its outflows reach a fever pitch.
The price of Bitcoin (BTC) held up incredibly well considering — only really stumbling around 10% from a local weekly high of $68,500 to a low of $61,700 during peak dumpage.
Now, Bitcoin is back at around the $70,000 mark — showing that it’s quite capable of marching directly to $90,000 around the time of the halving.
During Grayscale dumping, several market commentators took it upon themselves to flip bearish and began espousing insane, hot-garbage takes about being “cautious” and hinting that the bull run might be “over.”
If you took a brief 10% drawdown as a sign of the bull run being “over” — kindly remove yourself from this market and go find a suitably damp hollow to crawl into until this market has cooled down.
