Bitcoin dumps to 2-month low as institutions flee and Mt. Gox stirs — short the weakness
Bitcoin just fell below $69,000 to its lowest level in two months. Big institutional investors have been pulling money out of Bitcoin funds for 11 straight days, and the collapsed exchange Mt. Gox just moved $739 million worth of Bitcoin — a sign that more selling could flood the market.
Idea
Bitcoin has dropped to a two-month low as institutional investors pulled $3.45 billion from Bitcoin ETFs over 11 consecutive days of outflows. On top of that, Mt. Gox just shuffled $739 million of Bitcoin out of cold storage for the first time since March, which historically signals that creditors are about to receive coins they may sell. Together these two forces — relentless institutional selling and potential new supply hitting the market — create real downward pressure.