Tuur Demeester reports bitcoin market deleverages post-crash
@TuurDemeester: Demeester on bitcoin deleveraging
Tuur Demeester, a respected voice in the cryptocurrency industry, reports on the bitcoin market's significant deleveraging following the FTX, Blockfi, and Genesis crashes.
In the wake of these events, the market has seen a reduction in bitcoin-backed debt. Demeester notes that the current bitcoin collateralized debt now stands at approximately $10 billion, which is less than 1 percent of bitcoin's market capitalization. This highlights a notable shift from previous levels, offering insight into the current phase of the market.
Aside from notable entities like MicroStrategy (MSTR) and Meta Platform (MTPLF), the decrease in collateralized debt marks a pivotal moment that could suggest early signs of a new bull market, according to Demeester.
Industry experts are cautiously observing this deleveraging as a potential stabilizing factor for the bitcoin market as it begins to recover and grow after the disruptions triggered by the recent crashes.
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In the previous news, tweet author Tuur Demeester discussed Bitcoin's potential growth in the context of economic changes.
