Skybridge Chief Information Officer Troy Gayeski: “Bitcoin is preparing for some supply shocks” | Author: The Crypto Basic | Capital | July 2021
SkyBridge co-founder and senior portfolio manager Troy Gayeski recently told Bloomberg that Bitcoin is preparing for “some supply shocks” similar to what happened in November.
Gayeski claims that many powerful holders are redeclaring themselves based on data on the BTC chain. He added that Bitcoin’s risk reward is now more biased towards the upside.
“The data on the chain basically tells you that many powerful holders are re-establishing their positions and accumulating from those who entered the market last year, and BTC is preparing for some type of supply shock. From October to November, we believe that risk returns are biased to the upside again.”
SkyBridge Capital launched a Bitcoin fund at the end of 2020. Gayeski claimed that due to the price drop, the company was forced to reduce its holdings and invested part of its funds in Ethereum.
Gayeski believes that Bitcoin will continue to be the most valuable store of value.
The US Securities and Exchange Commission last week postponed its decision on the Bitcoin Exchange Traded Fund (ETF) filed by SkyBridge Capital in May.
As the tug of war between bears and bulls continues, Bitcoin has been trading in the same range for several weeks.
Kraken Intelligence manager Pete Humiston said that the BTC Bollinger Bands used by traders to measure volatility are the tightest since October 13.
It feels like there are waves in the air…#BitcoinSince October 13, 2020, Bollinger Bands have never been so tight. 👀
History proves 💥💥💥. pic.twitter.com/6Djv5cbPcA
-Pete Humiston (@1337_pete) July 12, 2021
The history of the narrow Bollinger Bands shows that high volatility is coming.