I find the "price is dropping because miner's are selling" a bit difficult to accept.
What have the miner's been doing prior to this decline? Not selling?
If you look at localbitcoins folks are buying like crazy; recent news has been the most bullish in the history of bitcoin; VC investment is at an all-time high.
Bitcoin trades largely on sentiment, sentiment is increasingly optimistic and the price should be ticking up.
But price is inexplicably bleeding down.
I've got tinfoil on this one - the next leg up is being delayed via open market operations until ETFs go live.
How does this impact BTSX?
May be positive:
- Won't make sense to sell BTSX to buy BTC if BTC continues to decline; reduced selling pressure
- Folks may sell BTC (old tech going down!) to buy BTSX (new tech going up!); increased buying pressure
- Folks may still believe in BTC but move into bitBTC and use the yield to offset the price decline; increased buying pressure
Or there may just be a panic where everyone sells everything...
btc is looking great for the immediate future, as you said money has been pouring into the system and it seams like more and more companies are begging to accept it.
Long term I have my doubts as mining increases but we will see....
I would also suggest what is good for btc is good for us. As more and more people read about btc and get used to the ideas of crypto in general is will spawn further adoption because it is no longer weird, strange, new.
Btsx I think may go a bit lower .028-.030 in the short term as many are buying btc right now, but I am hopeful Dan is going to hit one out of the park at the conference which may in turn give us so more awareness.
Time will tell and I am buying all the way down.