use in Crypto Market: What's Going On?

Wintermute just dropped their latest update, saying that the use in crypto has mostly been cleared out. They’re saying that the ongoing accumulation of Bitcoin is easing fears about selling pressure. But they also pointed out that demand from big players like ETFs is kinda weak right now.

Interesting perspective. I need to dig deeper into this. So, is Bitcoin really heading for the moon?

Nah, bro, Bitcoin's already chilling on the moon.

I figured Wintermute would have solid insights on the use situation. But honestly, the market feels pretty dead right now. People are not buying the dips because they’re scared of a worse drop. Everyone seems to be waiting for rock-bottom prices.

Yeah, Wintermute can manipulate the market, but they’re spot on here use is mostly gone. We barely even see any bounces anymore, which usually means shorts are covering. Plus, on-chain use is way down too.

We’re deep in this bear market, and the bottom just doesn’t feel right yet. We’re seeing capitulation, sentiment is down, and BTC is hanging on its 200-week moving average, which has marked bottoms before. But the buying pressure just isn’t there. ETFs are still struggling, and honestly, any liquidity that might come back is probably gonna flow into AI stocks instead of crypto.

When the market dips, the wealthy should be scooping up Bitcoin like crazy. They’ve got the cash to hold without needing to sell for bills. Those selling now are making a huge mistake. I get it’s tough to watch prices drop, but they’re missing out on big gains.