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CoinDesk's Most Influential in Crypto 2018

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Updated Sep 13, 2021, 8:43 a.m. Published Dec 31, 2018, 4:53 p.m. 1 min read

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Bitcoin could be heading much lower, fund manager warns as $150 billion Treasury operation nears

By Omkar Godbole

1 minute ago

U.S. Department of the Treasury headquarters in Washington (Jesse Hamilton/CoinDesk)

Fund manager Michael Kramer says a $150 billion liquidity drain from upcoming U.S. Treasury operations could push bitcoin sharply lower.

What to know:

Michael Kramer of Mott Capital Management warns that upcoming U.S. Treasury operations could drain about $150 billion in liquidity, potentially deepening bitcoin's price selloff.
He argues that bitcoin acts as a leading liquidity indicator and has already broken key support near $75,000 amid an 11% pullback from recent highs.

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