“Era of Selling Has Just Begun” — Placeholder VC Calls Crypto Top

Core Insights - Bitcoin is experiencing its worst monthly performance since 2022, with venture capitalists indicating that the downturn is just beginning [1][2] - Bitcoin's value has decreased by approximately 23% in November, marking the largest monthly decline since June 2022, and has plummeted over 30% from its record high in early October [2][3] - The market is facing significant selling pressure, with institutional investors showing reluctance to buy the dip amid poor sentiment [6][7] Market Performance - Bitcoin's price fell as much as 6.4% to $81,629 on a recent Friday, contributing to a total decline of about 23% for the month of November [2] - The cryptocurrency market has lost roughly $1.5 trillion in combined market value due to a significant liquidation event on October 10, which wiped out $19 billion in leveraged token bets [7] Investor Sentiment - Prominent investors like Chris Burniske and QwQiao predict further declines, with Burniske suggesting that the current selling phase has just begun and QwQiao forecasting a potential 50% drop before a market recovery [1][4] - Veteran trader Peter Brandt offers a contrarian view, suggesting that the current market conditions could ultimately benefit Bitcoin in the long term, predicting a rise to $200,000 by Q3 2029 [5] Institutional Activity - A group of 12 US-listed Bitcoin exchange-traded funds experienced $903 million in net outflows, marking their second-largest single-day redemption since January 2024 [6] - Open interest in perpetual futures has decreased by 35% from its October peak of $94 billion, indicating a retreat from institutional investors [6]