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The actual order books are magnitude less than the stated market cap. For instance, somebody who is a billionaire on paper with mostly crypto holdings, cannot c
by upupandup 4y ago
The actual order books are magnitude less than the stated market cap. For instance, somebody who is a billionaire on paper with mostly crypto holdings, cannot cash out most of its wealth.
When prices drop, the order books run into liquidity issues. It tells me on thing though, that most people have shunned crypto and that most of the noise we see is people holding crypto spamming to get somebody to take the otherside of their trade so they can liquidate their holdings...ironically to fiat which was the pinnacle of their narrative.
- abacadaba 4y agothey were able to sell 3 billion in btc and it got soaked up without the price dropping too much other than btc or maybe eth ya might be an issue though
- sushid 4y agoIt's because they didn't sell it directly on the market. They were sold to funds that would lock up the Lunas for 2 years and so on. The Lunas were also sold at a discount (relative to the market price back then).
- IshKebab 4y agoDidn't Musk buy and sell that much bitcoin fairly easily?