Bitcoin drops below $67,000! Kryptanium Capital: Flash crash is normal, altcoin season is coming

Bitcoin (BTC) suddenly plummeted at 9:45 this morning, from around US$71,800, to a low of US$66,699 within an hour and a half. , the largest drop was more than 7%, and as of the time of writing, it was reported at $68,117.

This caused all major currencies to fall at the same time. Coinmarketcap data shows that Ethereum (ETH) once plummeted from US$3,900 to a low of US$3,623, a drop of 7%. Currently, BNB, XRP, ADA, Major currencies such as DOGE have fallen by 5% to 10%.

Coinglass data shows that in the past 4 hours, the total liquidation amount of the entire network reached 235 million US dollars, with long positions liquidation of 202 million US dollars, short positions liquidation of 32.86 million US dollars, of which the total liquidation amount of Bitcoin reached 8067 Ten thousand US dollars, the Ethereum liquidation amount reached 36.92 million US dollars.

Kryptanium Capital said the flash crash was normal

However, on the occasion of the flash crash in the currency market, Kryptanium Capital co-founder Daniel Yan tweeted today that in the bull market A 5% flash crash is quite healthy. It’s not surprising. What’s really surprising is that for the first time in a long time, Bitcoin’s market share fell at the same time as Bitcoin. The altcoin season is really coming. Currently Bitcoin’s market share has dropped to 53.27% from more than 55% a few days ago.

Bitcoin market share changes

Previously, Daniel Yan tweeted on the 11th that he believed that the altcoin season will be obvious in Bitcoin After breaking through new highs, the logic of the last round of bull market copycat season is that the Bitcoin halving narrative, coupled with the inflow of institutional funds, promoted the continuous rise of Bitcoin before the halving, but after the halving, traders gained from the halving transaction. Profits were taken and funds flowed into altcoins with more potential gains.

And this is similar to the current cycle, which is driven by ETF inflows and the same bull market driven by institutional demand. His thesis is that altcoin season should start around mid-April, which is When the Bitcoin halving event occurs.

Daniel Yan said that for most altcoins, new highs are still far away, which will be psychologically attractive to investors, and Bitcoin’s new highs confirm that the currency market is in a bull market. People's greed will go crazy, but there are also short-term bull traps to watch out for.

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