10x Research: It seems that a structural factor is impacting the market, which could potentially have far-reaching effects

10x Research released a report stating that Bitcoin is severely oversold, and influential people are advising followers to buy on dips as altcoins seem to have weathered the storm. The research greed and fear index is close to its lowest level, usually associated with lows. In addition, there are many reasons for the sell-off of Bitcoin: Mt. Gox's Bitcoin distribution (potentially worth $9 billion starting from July), the German government selling confiscated Bitcoins ($3 billion), Bitcoin miners selling $2-3 billion, ETFs selling $1.4 billion, OG wallets selling $1.2 billion etc. Assuming this adds up to $16-18 billion, it is similar to the inflow of Bitcoin ETFs so far this year. Although many claim that the recent decline was due to Mt.Gox's Fud (and other factors mentioned above), there seems to be a structural factor impacting the market which could have more profound effects leading to deeper declines before rebounding from lower levels.