Chad Cascarilla, cofounder and CEO of Paxos–an institutional trading firm that operates Bitcoin exchange iBit, feels that downward pressure on the price is coming from short-term trading activity.

“You have a kind of washing out of momentum investors…investors who were not really taking a longterm point of view,” says Chad Cascarilla, the cofounder and CEO of Paxos, an institutional trading firm that operates Bitcoin exchange itBit.

The recent Coinbase exodus even caused Coinbase CEO Brian Armstrong to dust off a catchphrase coined by economist Robert Shiller, but made popular by former Federal Reserve Chairman Alan Greenspan–irrational exuberance. Armstrong was quick to extinguish any firestorms pertaining to the fall of Bitcoin that some cryptocurrency pessimists are igniting.

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