BTC Both July 2021 and this past week's move were initiated by a gamma squeeze.
The difference between now and then is the overall landscape.
Back then credit was cheap so funds could lever to the tits.
Participation from outside of CT was more substantial and as @noblemillions points out NO NEW MONEY.
Currently, for the most part, CT are the only ones participating; rotating between BTC/ETH (majors) and ALTS
Interested to see when the dip comes if new money (from outside of CT) steps in, creating a shallow dip like July '21; or do we end up getting something similar to March/April '22
Rate hikes aside, I find it hard to believe that new money steps and BTFD, with core CPI still elevated, and an industry ripe with fraud still in the headlines, but I'm happy to be wrong there.
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This post is based on this twitter thread.Comments
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