I have been preaching for months about how the Smart Money was coming into the Crypto space because when it comes to trading, the Smart Money buy low and sell high, while the retail investor buys high and sells low.
I recently came across an article on Cointelgraph that quantified what I was saying:
The number of wallets holding between 1,000 and 10,000 bitcoin (BTC) has seen a sharp increase since the crypto market bottomed this winter, indicating significant accumulation during the price dip.
Since the crypto market’s recent bottom in December 2019 — when bitcoin traded as low as $3,200 — bitcoin accumulation to Firm Size tier wallets has tallied to $450,000 — the most rapid growth among any tier of wallet addresses, as Diar’s data indicates.
Diar further notes that since the start of 2019, around 40% of the bitcoin that has been newly minted through inflation has been accumulated by Firm Size wallets — over 100,000 bitcoin.
Recently, price hit the weekly supply at $8700, pulled back, then it the daily supply at $9200, then pulled back.
However, the bulls will be happy to know as price breached the $8000 level, it formed another daily demand zone at $7900 which should serve to stop price on a decline.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.