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People can be bullish about Bitcoin and still sell their coins

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People can be bullish about Bitcoin and still sell their coins

TThe cryptocurrency market has lost over 60% of its value in the past few months.

Cypherpunk CEO Jeffrey Gao believes that people can sell Bitcoin and be bullish about cryptocurrency.

Bitcoin has lost more than 65% of its value since the start of the year. Bitcoin reached an all-time high of $69,000 in November 2021, but is currently trading around $23,000 per coin.

The bear market has seen some investors, including Tesla, selling off some of their bitcoins. Gao said investors can be bullish on Bitcoin and keep selling their coins. He said;

“Looking forward, this mentality towards managing risk while remaining optimistic in the long term is very important. […] You can be bullish on crypto, but you can always sell out of the market.

Longer term, at least at this point, I would be more conservatively bullish on Bitcoin than these other tokens. But over the next couple of months, I’ll probably be more biased towards Ethereum and Solana.

Gao said that while he is bullish on Bitcoin, he is more bullish on certain altcoins like Ether and Solana (SOL).

The CEO revealed that Cypherpunk started the liquidation process in early May, before the Terra network collapsed. He said;

“By the time this happened, we probably offloaded about 30% or 40% of the risk. We sold another portion when BTC briefly traded above $30,000 in late May. last third we probably got rid of was June.

Gao pointed out that the broader cryptocurrency market has seen forced liquidations, with some of the major institutions like Voyager, Three Arrows Capital and Celsius involved in deals that lacked risk management.

The CEO of Cypherpunk lamented that the absence or near absence of risk management is what really separates the crypto industry from other mature financial markets.

The total cryptocurrency market capitalization remains above $1 trillion, down from the all-time high of $3 trillion recorded in November 2021.

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