Bitcoin Rebounds to $103.8K After $1.47B Sell Day—Trump-Musk Feud Looms Large!
Veteran Investors Selling
30 day moving average for LTH realised profits is now at $1 billion per day, which is more than 3x the $320 million per day being generated by short term holders.
This is a big imbalance and suggests we are entering a maturing phase of the market cycle where experienced investors are de-risking their portfolios.
While this profit taking doesn’t necessarily mean an immediate market reversal, it does raise the question: is Bitcoin running out of steam or is this just a healthy reset before the next leg up? As if macro wasn’t enough, we now have a very public feud between two big players: Elon Musk and Donald Trump. Musk has been critical of Trump’s proposed “One Big Beautiful Bill Act” saying it could increase the federal deficit by $2.4 trillion and put the US economy into recession.
He didn’t stop there, he also criticized Trump’s trade strategy saying renewed tariffs could harm US innovation and trigger a recession in 2025.
Trump fired back quickly, saying Musk was bitter about the potential rollback of electric vehicle subsidies and that the EV mandate was “something nobody asked for”.
This public spat comes at a sensitive time for markets and adds to long term fiscal risks. With Bitcoin being positioned as a hedge against bad monetary policy, these political developments are more important for crypto investors.
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