Bitcoin Forum

Crypto Investors Who Bought Bitcoin at $1,000 are Now Starting to Sell

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According to Michael Moro, the CEO of a major over-the-counter (OTC) crypto trading firm, investors that bought Bitcoin in early 2017 are now starting to sell.

Speaking to The Block, Genesis Global Trading CEO Michael Moro, who provides institutional investors access to block size liquidity to purchase or sell cryptocurrencies like Bitcoin, Ethereum, and Bitcoin Cash, said that large investors have started to move funds garnered when the price of Bitcoin was just about $1,000.

“We are seeing the folks who bought in early 2017 sell for the first time today,” Moro told Frank Chapparo, adding that the majority of Bitcoin investors that bought into the market in the first quarter of 2017 have started to see near to zero return on investment off of their cryptocurrency investment.

Bitcoin at $4,200
On November 20, CCN reported that the price of Bitcoin reached a new yearly low once again for the second time in a week, falling below the $4,200 mark to $4,170 on fiat-to-cryptocurrency exchanges like Coinbase and Kraken.

The price of Bitcoin on cryptocurrency-only exchanges did not drop below $4,400 due to the premium on the Tether-to-BTC pair created by a decline in the price of the US dollar-backed stablecoin.

“The bears aren’t even pushing, BTC is just free-falling. Very weak dump, imagine what it looks like when the volume comes in. A short-term reversal could happen at any moment – shorting with high leverage is a terrible idea. However, if you are trying to knife catch, be patient. No one should be in a rush to long this,” one technical analyst said.

However, over the past 12 hours, the volume of BTC has increased from around $5 billion to $8 billion, by more than 60 percent, suggesting that BTC could establish a bottom-like trend in the low region of $4 billion.

Throughout the past two days, the volume of BTC remained relatively low despite its steep decline from $5,500 to $4,300, leading investors to be concerned about the short-term trend of the digital asset.

Gloomy Period For BTC
In consideration of poor market conditions and the intensity of the drop of BTC in the past five days, investors, even those that bought BTC at $1,000 to $2,000, are expected to sell a significant chunk of their holdings fearing a further drop below major support levels.

Investors from the first quarter of 2017 are still up 50 to 100 percent on their investments. But, the cryptocurrency market has not seen a correction of this scale since 2014, when the value of BTC dropped by more than 85 percent.

BTC is yet to achieve an 85 percent drop from its all-time high at $19,500. An 85 percent drop from $19,500 is $2,950, and the dominant cryptocurrency would have to drop by more than 32 percent from $4,400 to dip below $3,000.

If investors from nearly two years ago are starting to clean up their portfolio, the vast majority of investors who entered the space in mid to late 2017 have likely existed from the market. The next mid-term rally of BTC and other major cryptocurrencies would require a new wave of investors, which could result in a months-long consolidation period.

Reference: https://www.ccn.com/crypto-investors-who-bought-bitcoin-at-1000-are-now-starting-to-sell/

What the fuck is wrong with these people? They sat all the way through a bubble and did nothing and are dumping just as the real scraping starts to warm up? I thought deep pockets were sharp pockets. Evidently not. This is a poor show.

lol, been thinking the same thing. why on earth are they selling their bitcoins now? are they waiting for bitcoin price to fall down to $4000 before they sell or what? the bitcoin price reached its peak at around $19,500 since then the price is falling. the question is what are they waiting for since? i think they should at least sell their bitcoins during the time when the price was $15,000 not even $10,000.   

You know when the media giants starts to spread FUD, then we are in for some big surprises. They usually do this when they have some hidden agenda. I think they get some inside information from their puppet masters to influence the price and they start shitting out all this FUD.  ::)

Let's see a list of say 100 people who bought at $1000 to prove the statements that was made by these idiots. Why would you only sell now and not when the price was $19 000?

Mark my words, something is happening behind the scenes.  :P

I doubt it's true, but if it turns out to be true, it's actually great news.

The more people get rid of their sub $2000 coins, the stronger the market will become eventually, because we're in the process of creating a new price foundation we can build on in the future. It also stimulates healthy coin distribution, because instead of hundreds of investors holding one or more Bitcoins, these coins may end up flowing in the pockets of thousands of smaller investors.

An article meant to fuel more sales is actually quite a bullish signal if you read through their bla bla.

It’s the people we want to flush out of bitcoin. They’re the crazy heads that cause so much volatility in the market.
You have to either sit through a decline or start to buy in it, there’s no other option for bitcoin fans.

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This won’t be every 2017 investor and probably won’t be a majority either, I’m not sure where the figures have come from to say everyone at that time has started to sell now...

In this sentence is summed up all important facts, they are sell (if we want to believe in Moro statement) just because fear that price will not fall even further, ie. they want to protect their investment. Mostly it is about the people who bought it with the intention of investing in long term, but now they see something is wrong and estimate that it is better to make an exit strategy.

We can not blame people for their moves, especially when it comes to finance - it is true that the majority buys BTC just for profit and in times like this profit is melt like ice for them.

I suppose by now those who bought Bitcoin at $1,000 are being cautious. They've made a handsome profit so they want to get out while the going is good. Or rather before losses start to mount up, as they see it.

Chances of each decisions have to be broken is high its just really a matter of control or views of a certain investor. Some will say that they would hold no matter what would be the market condition but when they do look out that the price is falling near into their entry point then panic or a feeling of being worries cant really be avoided as an investor it will surely tingles you and put you into a state
where you do already have the second doubts.

Perfectly timed fud. If whatever entity needs fiat to pay bills and whatnot, the easiest option is to sell crypto assets instead of using your own reserves. It happens all the time, regardless of the price.

I have been selling coins in the past as well, not because I wanted to, but because I had to. I'm glad that I no longer have to do that, but I'm sure that there are enough people here who do keep selling coins to fill up gaps.

Another important factor is that even if they sell at current levels, they booked a more than impressive net result. Where else can you book these returns? Things aren't as bad as they seem.....

Really confused with the news, they haven't provided any source on where did they get that these investors who have bought BTC since it was 1,000$ are selling. Even the 2nd paragraph of the news does not show if there information is even true, they should have confirmed it first. But nonetheless if this is true, these hodlers are in a good position to take profit since they at least gained 400% from their holding just by selling BTC at its current low, and if it goes down further they have the chance to buy it back again. They might just be adding fuel to the fire hoping that they can influence the prices and buy back BTC again at a cheaper price

Agree. Those who bought at $1k are now just doing the HODL thing and will never sell it despite this circumstances. They already have sold a huge percentage of it last December so if btc price really goes back to $1k then it's not really a big deal them because they profited more than enough.

Exactly, there's no sense in selling at today's price. LOL. If long term holders didn't sell at December's peak, why wouldn't suddenly they would sell today just because the market condition is getting worse? Doesn't make sense at all. On the contrary, those bagholders are seeing profits at this stage, not by selling but accumulation bitcoin at a cheap price. Another useless article and it shows how crypto journalism has no value at all, just write articles without basis and then publish it, rinse and repeat.

I guess the press wants to scare people and squeeze down more on the price, so people can buy at lower price.

I think the whole article is a clickbait with no valuable information inside. The situation described in the article is simply impossible. Imagine you are the investor who bought BTC at $1,000 to $2,000 and now you are going to sell a big part of it. Would you tell the press, or whoever, about your intentions? Isn't that obvious that such news can cause further drop in price and you'll end up selling lower than intended? But, yeah, who would click to read an article titled "We don't know what's going on and have no idea what's coming next"? The "the end is near" type is much more clickbaity, right?

Shame on you, CCN, for spreading FUD in days like these.

They are just making article around statements of Michael Moro, Genesis Global Trading CEO. We do not know if CCN contact him or it was the other way around. I see this as PR for Genesis Global Trading, they probably pay for this and we all know that crypto related news portals usually write articles of very questionable quality and often some half-truths stories.

At the end of the day the only thing that matters is how much they have earned, future of cryptocurrency is not their main goal.

I agree with you, it is like the big whales have started to buy in low and now they want to raise the price so now they started to fud and make fear to panic sellers so that they wont buy now and start to sell and then we will see the price going up sharply and touching above $10000 price in this month itself if i am not wrong.

https://contest.sparklemobile.io/7729/5601308
 

I think that most of those people who bought Bitcoin for $ 1000 have sold it a long time ago. A whole year was given to sell bitcoin and earn good interest. I do not understand why this news says that investors have started selling right now?

hummm... no offense but that does not make sense, people had many chances to sell when the price was too high and fell a lot, why would people wait months before the price drops to $ 6000 to sell? does not make sense, see there is still good news for the future so I again ask: why would people sell for $ 6000 when they could expect the price in the future to be higher? when price falls it always has theories about the cause of the price fall


they want to gain more views

It makes sense, some of them are scared that price could fall further down and they just want to ensure to get they investment back with some profit. If you buy at 4000$ and price is very close to that point with great possibility to fall below that point, would you sell or hold ?

I do not know about what good news for future you are talking about, nothing big is not on the horizon - a sure thing that will surely happen is halving somewhere in the middle of 2020. Maybe people are counting on ETF, but this is something totally unpredictable and it may take years to become a reality. The rough reality is that long winter is knocking at the crypto door, some people flee to warmer assets for the time being.

Yes, I thought so too. I personally have never heard of Michael Moro before this article, and it looks like it's not about me only. The guy has 949 followers on twitter, not that much, right? Probably Genesis Global Trading has decided recently to promote themselves more than before. There was another article about them on Cointelegraph in October, stating that "total cash flow reached $553 million for all supported assets" on the platform in the first six months of operating. I don't know if that's a true volume or a pumped one, but anyway, this guy, Michael Moro, is definitely not a thought leader of the crypto world to make an article about his thoughts on the current situation.

They did nothing when they could and now they look like an angry cock which can't do anything with his helplessness.

Well I do not think that this is right because those individuals that are owning bitcoin when its market price is cheap probably has sold it already when the 2017 bitcoin market price has reach its peak which is 19K USD per bitcoin. However, it may seem too possible also that there are some investors that are still holding their bitcoin for a long time and seeing now that bitcoin has come nearer to the amount the bought during the last few years.