Summary:
Three Arrows Capital co-founder Su Zhu believes that American boomers capitulated on crypto mid this month.
He cites the declining prices of MicroStrategy’s and Coinbase’s stock in the traditional markets.
Both assets remain in a confirmed downtrend that eerily resembles that of Bitcoin, thus indicating a strong correlation.
The Co-founder of Three Arrows Capital, Su Zhu, believes that American boomers capitulated on crypto mid this month.
According to his analysis, the massive selling of MicroStrategy (MSTR) and Coinbase (COIN) stocks earlier this month proves that boomers offloaded their bags around the same time Bitcoin hit a local low of $26,700. Mr. Zhu’s analysis of the possible crypto capitulation by American boomers can be found in the following tweet.
Further evidence of American boomer capitulation on crypto mid-May
MSTR and COIN nearly doubling off the lows already, with colossal volumes at the lows pic.twitter.com/KiYyhSJyOG
— Zhu Su (@zhusu) May 30, 2022
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