Market Wrap Year-End Review: Institutions Cash Out of Bitcoin

Today, we’ll show additional reasons for widespread selling that occurred in April and May. After bitcoin’s powerful rally to start the year, fueled by fear of fast inflation, some large investors grew concerned about rampant speculation in the almost-anything-goes market and a slowdown in global money supply growth. In fact, some price chart indicators were already suggesting that bitcoin was overvalued. By June, BTC had stabilized at around $30,000, and guess what happened then? Traders bought the dip.