Re-evaluating & back in!For those that are interested & follow me......
I've re-taken, restarted a small & modest position in Hut....once again.... this morning. It seems that Bitcoin is basing out & consolidation around ~$45K and it shoukd continue to trade in this range until volatility dies down a little. With the ETF drama & fiasco behind us, Bitcoin will be looking more at base fundamentals to drive it much higher. The ETF event, though a good thing for the sector long term it has some "negatives" consequences for the miners. Now some of you might be shocked by that statement, but it's logic really and some pragmatism.....If you really think about it.
So Why? Do you ask? Because where once there was only GBLC, the miners & Bitcoin itself for investors to have exposure to the sector........now you have all these brand new ETF and there are many. The result? It will take away from potential investment that was directed or going to the miners and into the ETF's instead, where it's direct ownership of the coin itself and much less risk than an actual miner. So for the average Joe, ETFs will be a more attractive less risky endeavor than a miner.
What this will do is seperate the well managed, really good miners from the chaffe & garbage. So the good miners like CleanSpark & Hut will continue to do well but the subpar ones will suffer as a result. So anyone looking to get into the miners here, i think Hut at $10 is a VERY good entry point and probably one of the better investments in this sector. CleanSpark is killing it but it had several monster runs, but Hut is still undervalued and catching up.
Beware of folks pushing & promoting garbage miners who have no viable business and if folks are unsure or hesistant of investing in a certain miner, post your query here on this thread and i'll give you my opinion. But for my personal Fav's, the top three stilll havent changed. And they are CleanSpark, Hut & Hive
Will post more commentary next week......
GLTA