Part 3/10:
It’s noted that crypto markets are heavily influenced by narratives and flow, meaning the stories that drive hype and investor sentiment can significantly move prices. For instance, Bitcoin once rode a strong narrative wave but faced abrupt selling pressures that curtailed its gains. A notable episode involved a massive sell-off of approximately $9 billion, which despite its size, surprisingly had minimal immediate impact on prices. This episode essentially absorbed large treasury company buying, illustrating the market’s capacity to digest significant volume without immediate price deterioration.