Crypto Market Dip: No Retreat, No Surrender

To be frank, the past few days have been pretty disastrous for the entire crypto market as we continue to witness a dip that has put the market below the monumental $2 trillion capitalization mark. Led by a decline that has seen about $12k drop in the price of Bitcoin, even the majority of altcoins are not spared from the ongoing onslaught in the market.

The ongoing correction in the market shows that the market has gravitated from extreme greed which was the case some weeks ago to fear, raising fresh questions on whether or not the market has peak and the bull run over. And so we have many people selling off their cryptos to avoid being caught in the unforgiving web of a bear market.

Although the market sentiments appear to be bearish in the interim, the overall market remains on a bullish outlook. And this is further evident upon consideration of a recent data released by Glassnode which suggests that exchanges just witnessed the largest USDT deposit since February 2021. This clearly shows that the whales are buying the dip, which is an indicator of greater things to come.

And if the historical correlation between USDT deposits and the surge in price of crypto assets are anything to go by, we might be up for the next lap of the race in this bullish market cycle.

Lastly, recent data shows that miners are still holding on their Bitcoin, with very minimal sell pressure. In addition, a vast majority of those who bought Bitcoin around the $40k-$55k range are still holding on to their coins. There are also other onchain metrics that suggest that the bull run is still quite active.

Therefore, fear is the only constant factor in the market at the moment. And if history repeats itself, which will most likely be the case, then we should be a big bounce in the market from here. For me, and for several others, it is a no retreat no surrender.

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