Bitcoin ($BTC) Is Showing Signs of Reentering an Accumulation Range, Says Crypto Hedge Fund Co-Founder - Aliens: AI Crypto News & Markets Updates
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Bitcoin ($BTC) Is Showing Signs of Reentering an Accumulation Range, Says Crypto Hedge Fund Co-Founder

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CryptoGlobe

Thu, May 19, 2022

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The co-founder of cryptocurrency trading and venture capital firm Three Arrows Capital, Su Zhu, has revealed he sees some signs that Bitcoin ($BTC) is reentering an accumulation range after the cryptocurrency’s price fell for seven weeks in a row for the first time in its history.

Per Su Zhu, the price of the flagship cryptocurrency being down for seven weeks is in itself an indicator BTC is in an accumulation range, as the spot and derivatives trading volumes going up while the Luna Foundation Guard (LFG) deployed its 80,000 BTC reserve in an attempt to defend the UST peg amid LUNA’s crash .

Zhu also pointed out that Bitcoin exchange-traded funds (ETFs) in Canada saw a 7,000 BTC inflows when the cryptocurrency dropped to $25,000, and to fear, uncertainty and doubt (FUD) surrounding Tether as “secondary signs.” The co-founder noted that Bitfinex longs have broken through their all-time highs, showing traders on the platform are bullish on the flagship cryptocurrency.

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