Pray, allow me to impart a most curious tale of financial woe, wherein the noble currencies of Bitcoin, Ethereum, and the whimsical Dogecoin have suffered a most precipitous decline. Recent revelations, my dear reader, point to a most unlikely culprit-the denizens of the United States, whose trading habits appear to be the very harbinger of this digital doom. 🕵️♂️
In a most enlightening post upon the platform X, the esteemed Crypto Rover observed that the U.S. trading session has been the weakest of the month, with Bitcoin enduring a loss of some 12% since the dawn of November. Alas, Ethereum and Dogecoin have not been spared this cruel fate, their values tumbling in sympathy. 🌪️
The Europeans, though not entirely blameless, have fared somewhat better, with Bitcoin falling a mere 12% in their session. Meanwhile, the Asians, ever the picture of composure, have traded with remarkable stability, their session marked by a mere 2% drawdown. One cannot help but marvel at their restraint, as they dutifully buy back what the Americans so recklessly sell. 🧘♂️
The sagacious Bossman, another luminary of the crypto world, has declared the U.S. the primary source of this relentless selling pressure. “Every American session,” he laments, “is a veritable marathon of selling, only to be undone by the Asians, who rise with the sun to restore order. But lo! The Americans awaken once more, and the cycle begins anew.” 🌅🔁
It is said, with no small degree of irony, that the opening of the U.S. stock market brings with it a “10 am slam,” a phenomenon attributed to the machinations of market algos. This, my dear reader, suggests that institutional investors are not merely spectators but active participants in this grand debacle. The outflows from Bitcoin ETFs, five in the last seven days, are but further evidence of their complicity. 📉
The Coinbase BTC Premium Index: A Tale of Woe
CoinGlass data reveals that the Coinbase Bitcoin premium index has descended into the red, a most ominous sign. This negative premium, you see, indicates that the BTC price on Coinbase is lower than the global average, a clear signal of waning demand from U.S. investors. One cannot help but wonder if their enthusiasm has been dampened by this financial tempest. 🌧️
The astute Kyle Soska posits that Bitcoin and Ethereum are some ten days into a derisking event orchestrated by U.S.-based entities, a motley crew of ETF users and ultra-high-net-worth individuals. He assures us, however, that this selling episode may soon reach its denouement, based on historical precedent. 🕰️
“A mean reversion of the Coinbase-Binance spot discount,” he declares, “from its current nadir of -$110 to a more respectable $40, would signal the first glimmer of a near-term bottom.” One can only hope, for the sake of all involved, that his prognostications prove true. 🌟
As I conclude this missive, Bitcoin trades at a modest $85,000, a decline of over 6% in the past 24 hours, according to CoinMarketCap. One cannot help but wonder what the future holds for these digital currencies, and whether the Americans will ever tire of their selling spree. Until then, my dear reader, we can but observe and speculate. 🧐
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2025-11-21 18:06