The losers list matters more than the gainers today. $ARK is down 34.8% in 24 hours, and $QNT has lost 13.8%.
This is not the market falling. $BTC is flat at 83,926 (+0.08%), and the Fear and Greed index still reads 74 (Greed). The selling is aimed at a few names, not at crypto as a whole.
QNT is the one I watch closest. It trades at 271.43, and about 153.8M USDT changed hands in a day. That is real size, more than five times ARK's 31.4M. When a coin with that much volume drops 13.8% on a calm day for BTC, holders are taking money off the table, not just a few thin orders.
ARK's drop is bigger in percent, but on much less money, at 0.2445.
My view: in a greedy market, a red day like this in single names is usually profit taking, not a trend change. I want to see whether QNT's volume fades over the next day. If the selling keeps the same size, the pullback is not finished.
#Quant #ProfitTaking
This is not the market falling. $BTC is flat at 83,926 (+0.08%), and the Fear and Greed index still reads 74 (Greed). The selling is aimed at a few names, not at crypto as a whole.
QNT is the one I watch closest. It trades at 271.43, and about 153.8M USDT changed hands in a day. That is real size, more than five times ARK's 31.4M. When a coin with that much volume drops 13.8% on a calm day for BTC, holders are taking money off the table, not just a few thin orders.
ARK's drop is bigger in percent, but on much less money, at 0.2445.
My view: in a greedy market, a red day like this in single names is usually profit taking, not a trend change. I want to see whether QNT's volume fades over the next day. If the selling keeps the same size, the pullback is not finished.
#Quant #ProfitTaking
