Major investors, also known as ‘smart money’, have recently purchased billions worth of Bitcoin (BTC). Small investors did just the opposite and sold their coins en masse. According to Santiment researchers, these are the “optimal conditions for a crypto outbreak.”
Almost 3 billion euros worth of Bitcoin
Yesterday, the analysis agency wrote on social media platform Converted, we are talking about an amount of 2.74 billion euros).
Sharks are wallet addresses containing between 10 and 100 BTC and whales are wallet addresses between 100 and 10,000 BTC. They are the investors with the deepest pockets.
”Optimal conditions for a crypto outbreak arise when smart money accumulates and retail sells. Regardless of geopolitical factors, this pattern often leads to a long-term bullish divergence,” it said.
Retail has left the market
At the other end of the spectrum are the smallest investors. Wallets with less than 0.01 BTC sold a combined 132 Bitcoin in the same period, worth around 10 million euros.
That move fits with what other analysts saw previously. CryptoQuant CEO Ki Young Ju said last week that “retail has left the Bitcoin market while whales are buying.”
Yet the attention for Bitcoin has far from disappeared. Santiment is actually seeing a strong increase in discussions on social media, with Bitcoin being increasingly compared to gold and silver. These precious metals are now setting one record after another thanks to rising geopolitical tensions.
BTC price under pressure by Donald Trump
Not for the first time, Bitcoin is having a hard time thanks to the heavy hand of American President Donald Trump. He wants to add Greenland to the United States and has significantly increased tensions with Europe. The European Union supports Denmark, which now includes Greenland.
Yesterday, Trump was asked how far he is willing to go to take control of Greenland. His answer was telling: “You’ll see.”
The Japanese bond market is also making its contribution. Interest rates are exploding and that is causing a lot of panic among global investors.
The Bitcoin price had its worst day in two months yesterday with a price drop of almost 5 percent. “If you look at it objectively, it’s hard to get excited about Bitcoin based on this price action,” said analyst Will Clemente.
Yet the smart money seems to be seizing the opportunity to line their pockets.
Source: https://newsbit.nl/grote-jongens-kopen-miljarden-aan-bitcoin-optimale-condities-voor-uitbraak/
