Amid a historic level of liquidation for bitcoin over the weekend, NYDIG, a bitcoin-focused investment manager, worked to acquire more bitcoin, according to a recent email sent to its subscribers.

NYDIG’s Global Head of Research Greg Cipolaro explained in the email how it believes “the root cause of the sell-off had to do with investor positioning rather than fundamental news. Simply put, traders were overleveraged and positioned long, resulting in forced liquidations.” This assessment made NYDIG feel that the price drop was an opportunity to acquire bitcoin at a discount.

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