As the great Bitcoin bash of 2023 rages on, the more timid among us are donning their party hats and proclaiming the festivities to be at an end. But not everyone is ready to call it a night just yet.
Matt Mena, a sage and intrepid analyst at 21Shares, remains resolute in his conviction that the current dip is but a mere blip on the radar of the grand Bitcoin narrative. “The institutional demand is simply too great,” he declares with an air of quiet confidence, “and the supply, well, it’s as dry as a London socialite’s wit.”
And indeed, the numbers do seem to support Mena’s assertion. ETFs in the U.S. have been gobbling up Bitcoin like so many canapés at a Mayfair cocktail party, leaving exchange and OTC reserves as bare as a cupboard in a Dickensian workhouse. With buyers queuing up around the block and sellers as scarce as a decent martini at a wedding reception, it’s little wonder that Mena remains bullish.
But, as with all things in life, there is a fly in the ointment. The specter of macro risks looms large, threatening to put a damper on the proceedings. President Trump’s tariff tantrums and the Federal Reserve’s rate-cutting roulette could yet prove to be the party poopers that send Bitcoin into a tailspin.
Still, as we go to press, Bitcoin is staging a modest recovery, its price hovering tantalizingly close to the $119,000 mark like a debutante hovering around the edges of the dance floor, waiting for the perfect moment to make her move.
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2025-07-16 18:45