Placeholder Partners: The dumping phase of the crypto market DAT has just begun, and the trauma from the crash on October 10th is still present.

Bitcoin is heading towards its worst monthly performance since 2022, with Placeholder partner Chris Burniske warning that the downturn has only just begun. Chris Burniske believes: “The DAT dumping phase has just started, just as we rose, we will also fall.” Alliance DAO co-founder QwQiao predicts that the next round of Bear Market needs to fall another 50% to form a solid foundation.

On Friday, Bitcoin fell by 6.4% to $81,629, with prices dropping about 23% in November, marking the largest monthly decline since June 2022. Despite the White House's supportive stance on cryptocurrency and a surge in institutional users, Bitcoin's price has plummeted more than 30% from the historical high set in early October, with a single-day liquidation amount reaching $1.9 billion, surpassing the losses caused by the COVID-19 market crash and the FTX collapse.

Burniske pointed out that the crash on October 10 severely impacted the cryptocurrency market, making it difficult to quickly establish a sustained upward momentum after the fall. He stated that although the prices of Bitcoin and Ethereum remain high, cracks have begun to show, with MicroStrategy's stock price dropping, and the gold and credit markets also sending warning signals.

Alliance DAO's QwQiao had previously reiterated his prediction from September that a large amount of “dumb money” buying spot and ETF investments need to liquidate their positions before the market can recover its super cycle, which further reinforced this pessimistic sentiment. (Cryptonews)