The crypto market should be prepared for a supply shock, according to Troy Gayeski
Skybridge Capital’s Troy Gayeski recently told Bloomberg that Bitcoin is setting itself up for “some time of supply shock” that will be similar to the one that took place in November.
Gayeski says that a lot of strong holders are currently “reasserting” themselves bases on the flagship’s cryptocurrency on-chain data.
Anthony Scarammuci’s SkyBridge Capital launched its Bitcoin fund in late 2020. Gayeski claims that the firm had to trim its position due to the price crash while putting some of its capital into Ethereum.
Gayeski believes that Bitcoin will remain the leading store of value.
Last week, the U.S. Securities and Exchange Commission delayed its decision on the Bitcoin exchange-traded fund proposal that was filed by SkyBridge Capital in May.
Bitcoin’s volatility has nose-dived
Bitcoin has been trading within the same range for weeks while bulls and bears continue playing tug-of-war.
According to Pete Humiston of Kraken Intelligence, the cryptocurrency’s Bollinger bands—which are used by traders for measuring volatility—are now the tightest they’ve been since October 13.
It feels like volatility is in the air…#Bitcoin's Bollinger bands haven't been this tight since October 13, 2020. 👀
History suggests 💥💥💥. pic.twitter.com/6Djv5cbPcA
— Pete Humiston (@1337_pete) July 12, 2021
Bitcoin was changing hands at just $11,413 on that day before shooting up higher in the following weeks.