“Bitcoin Is Re-Entering An Accumulation Range”, Three Arrows Capital Co-Founder Zhu Su Stated On May 19

“Bitcoin Is Re-Entering An Accumulation Range”,

Zhu Su, the Co-Founder of Three Arrows Capital, believes that Bitcoin has entered an accumulation range.

According to his Twitter analysis, BTC may be approaching the accumulation range as a result of the record-breaking seven weeks it has lately experienced. Moreover, during the Luna Foundation Guard’s liquidation of its 80k BTC holdings, both spot and derivatives volume set yearly highs.

Bitcoin is demonstrating exceptional strength versus securities, according to Zhu Su, with Asian trading hours currently outperforming US trading hours.

Furthermore, he cited the recent 7k Bitcoin influx into Canada’s Purpose Bitcoin ETF as evidence that purchasers are stepping up at present BTC values. He also mentioned the following grounds for his belief that BTC is likely to be in an accumulation range:

• The revival of Tether FUD in the crypto markets is similar of the market’s calming down in late 2019 following a year-long sell-off.
• Bitcoin longs on Bitfinex have reached new all-time highs.
• Traders are beginning to short Bitcoin in order to protect themselves against private sales.

Mr. Su also mentioned that three White Swan occurrences might catalyze BTC acquisition by retail traders, institutions, and even sovereign governments. Among the White Swan events are:

• The Bitcoin conference in El Salvador is attracting 44 worldwide central banks.
• OPEC’s potential use of BTC in international payments
• To conduct thesis-driven BTC allocations, commodity nation sovereign wealth is used.

It’s also worth noting that Zhu Su stated in an earlier Tweet that Three Arrows Capital had experienced losses as a result of UST’s depegging and the LUNA market collapse that followed.

Three Arrows Capital and Jump Crypto, according to Bloomberg, took part in a $1 billion LUNA token sale in February of this year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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