Institutions may have been selling ahead of today's crypto rout, as JPM noted earlier...
... but as following chart of bitcoin's historical drawdowns clearly shows...
... they will soon turn from sellers to buyers as bitcoin's historical trading pattern clearly shows that every single previous dump has been followed by a sizable rebound. And since nothing has changed, and banks continue to debase currency with Weimarian abandon, the bullish thesis for "digital gold" remains the same.
Still, to many retail investors - most of whom are new to the crypto space following the "bitcoin winter" hibernation - today's action was nothing short of shocking as none other than Google confirms, with the world's largest search engine reporting that searches for Cryptocurrency just hit an all time high.
Some other notable searches:
- "What happened to cryptocurrency today” is up +850%, past day, Worldwide
- "Should I sell my crypto” is up +400%, past day, US
And in what may potentially be actionable information, Google also reports that "most energy efficient cryptocurrency” and "environmentally friendly cryptocurrency” are breakout searches.
"most energy efficient cryptocurrency” and "environmentally friendly cryptocurrency” are breakout searches— GoogleTrends (@GoogleTrends) May 19, 2021
“how does bitcoin use energy” +1,050%, past week US pic.twitter.com/0lICqlTbaQ
Yet while for most retail investors who may have invested a sizable portion of their savings in the volatile asset class today was a jarring reminder that what goes up will eventually come down, for the ultra rich today was just an opportunity to "buy the dip", as the laser-eyed Tom Brady who recently joined the bitcoin fan club, tweeted earlier today.
SMH...I’ve seen better from you PFT. Over here we just buy the dip! https://t.co/1iJq0JTUUh— Tom Brady (@TomBrady) May 19, 2021