The sell side remains stacked, which is not surprising in current market conditions. If macros improve and market sentiment turns positive, then some of these sellers will vanish. Regardless of what we can see in the trading depth, there's plenty of buyers and sellers waiting in the wings.
![https://hotcopper.com.au/data/attachments/4119/4119579-c5c40a0e38466c355f47173b231c5ce7.jpg](https://hotcopper.com.au/data/attachments/4119/4119579-c5c40a0e38466c355f47173b231c5ce7.jpg)
Given that many quality growth stocks are down 50-75% from ATHs, Animoca's share price - as per PM action - has held up surprisingly well.
They appear to have timed the last cap raise to perfection, as I doubt they'd be able to raise $500m at $4.50 per share in today's climate (due to a combination of multiple compression and the mark down of their portfolio and assets).
This bear market is a golden opportunity for Animoca given their massive war chest. Hopefully they buy one or two more game studios, continue to invest in blockchain startups and have several AAA games ready to prosper in the next bull market. They'll probably be a few leftfield (positive) announcements over the course of the year, so we just need patience.