UBS has taken a tough stance against digital assets, declaring that “crypto is not an asset” as Bitcoin whales and ETF investors begin to withdraw capital from the market.
Bitcoin managed to climb to $70,000 this morning, but don’t pop the champagne just yet; the original cryptocurrency is still down 50% from its October highs.
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Why UBS’s Position Matters for Bitcoin Investors
When a banking giant like UBS claims that crypto is owned by a “tiny part of society,” it stings, especially since they have already decided to open access to crypto to private clients.
This mixed message is important because institutional approval generally brings stability to the market. Instead, we see the opposite.
(Source: Bitcoin ETF Net Flow / CMC)
Jefferies analyst Andrew Moss warns that talk of “crypto winter” is back, and frankly, it feels like it. As Bitcoin crashes from its high of $125,000 to current levels, big money isn’t buying the dip; they sell there.
When large institutions turn bearish, it often signals a tougher road ahead for retail investors like us.
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What Whale and ETF Activities Reveal About Market Sentiment
The numbers look pretty ugly right now. According to Jefferies, “whales,” these huge wallets containing huge amounts of BTC, have become net sellers since last weekend. They don’t just weather the storm; they are actively selling while prices are weak, saying few bullish indicators suggest we are close to a bottom.
It’s not just about anonymous whales. Every day, investors who use traditional financial platforms are also withdrawing. We saw one-off Bitcoin ETF outflows reach their second and third largest volumes on record in late January, followed by another massive outflow on February 4. This suggests that the “tourism” money that has flowed in through wealth management channels is quickly drying up.
(Source: TradingView)
Even Michael Saylor’s “Bitcoin Cash Company” (Strategy) is feeling the heat. Their shares have fallen 75% since their peak and their market capitalization is now billion less than the Bitcoin they actually have own.
Although they claim they can survive a 90% drop, the market is clearly in “maximum fear” territory right now.
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The post UBS Says ‘Crypto Is Not an Asset’ as Bitcoin Whales, ETFs Pull Out appeared first on 99Bitcoins.
