I have had a little discussion regarding the post I published yesterday about the fact that my view this week is very Bullish based on what the 100 richest addresses in BTC were doing during the last 7 days and also during the last month.
In particular, I specified that those addresses that had been active during the last 7 days had been buying 4 times more BTC than what they were selling for themselves, that is, accumulating.
Something similar has happened during the last 30 days, those addresses that have been active during this time interval had bought twice what they had been selling.
Still, my colleague's comment was "conclusion based on 26% of the pool that the market is bullish is an overstatement. Best case scenario you can say is that the market holds, because 74% are dormant."
In a way, at first I thought he was right, then we analyzed how many of these TOP100 addresses had been active during the last months, reaching the conclusion that they were, in many cases, "Dormant" addresses of high duration.
I mean, what I call "HODLERS FOREVER"...
And it is that, my gentlemen, the amount of BTC stored in "DORMANT ADDRESSES", i.e those addresses which inactive since 5 years ago, continues to grow and grow.
The Chart obtained from https://bitinfocharts.com/top-100-dormant_5y-bitcoin-addresses.html says it all, 6.86 Million BITCOINS are DORMANT ADDRESSES.
So, yes, there are 6.86 MBTC out of the 18.8 Million BTC which are HODL, which is around 36% of the total circulating supply
They are not selling at $ 20,000 or $ 60,000 and not at the current price, but when they do, the impact can be wide.
With all this, my VERDICT is still BULLISH and VERY BULLISH...but I could be wrong :-)
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
@toofasteddie