I thought I'd give steemit a try by pointing out something I'm seeing in the Bitcoin futures today. When you look at just the cash exchanges what you see isn't all that interesting. Just trading in a range after a big move up. The movement in the futures however shows a little bit of selling activity. The overall cumulative delta (market buys minus market sells) declined through the entire session. We also ended the day below the VWAP (volume weighted average price).
In my view the selloff in Bitcoin isn't even half over yet. This is based on my reading of my valuation indicator that you can view on my patreon page.
https://www.patreon.com/SpeculatorSeth
There could be another push lower which could cause altcoins in turn to dump leading to an overall crypto market decline.
I guess time will tell, if this is going to be a tail wagging the dog situation or not.
I'm fairly confident that will not be the case or at least not for a very long time. We're talking about maybe 100 contracts here being traded net every day, and they're just following the cash exchange. That's just not enough to affect the exchanges. It can however show us things about volume that data on the exchanges don't show you. Hence why I'm pointing out cumulative delta and so forth.