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Popular crypto trader Ansem warned on X that Bitcoin’s roughly 2% decline despite the negative impact from the $6.3 billion Binance hack should not be mistaken for a bullish signal.
Ansem said retail speculative demand had historically been concentrated in leveraged Bitcoin trading, but has recently spread across memecoins, onchain assets and stock perpetual futures, changing the market structure. Ansem explained this was a main reason Bitcoin volatility could be lower than in the past even amid a major negative event. With fewer speculative traders taking leveraged long Bitcoin positions, immediate downside moves in response to bad news may be smaller, Ansem said. But Ansem added this should not be interpreted as the end of the downtrend, and instead suggests selling pressure is acting more passively.