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Kelly Greer of digital asset company Galaxy Digital sees the Bitcoin (CRYPTO: BTC) plunge below $60,000 as a “technical sell-off” ahead of Nvidia’s earnings call, scheduled for Wednesday afternoon.
What Happened: Greer took to her social media account to discuss the potential impact of Nvidia’s upcoming earnings report on Bitcoin’s market dynamics. She noted that over $1 billion worth of BTC on early Wednesday morning, with more than 17,000 coins involved. Greer attributed this to poor liquidity conditions, which she believes are currently at their worst.
Greer also touched on the "Gox distributions" she had previously highlighted, suggesting that some coins may have hit the market due to slow distributions from custodians and exchanges. Despite this, she expressed confidence in the market’s ability to absorb the supply.
Why It Matters: Greer’s comments come ahead of Nvidia’s earnings report, scheduled for 4 PM Eastern Time on Wednesday. She pointed out that the stock's performance has varied widely following past earnings calls, with changes ranging from a 2% decrease to a 25% increase.
According to Greer, Goldman Sachs' prime brokerage account net allocation to semiconductors and portfolio percentage of “Mag 7” stocks are both at the 13th percentile, indicating low positioning to semiconductors and growth. This, coupled with a positive skew to Nvidia’s post-earnings price, suggests potential asymmetric outcomes.
Bitcoin plunged as low as $58,000 at the start of the trading day but has since recovered to $59,900 at the time of writing.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Image: Shutterstock
Posted In: $BTC
