Hi HODLers,
Despite the small recent drop, it seems that I have a few good news for you.
Whales seemed to have started accumulating more Bitcoin since mid-January as you can see in the graph below
Bitcoin supply in addresses greater than 1,000 BTC. Source: Coin Metrics, Messari
Are we about to witness another leg up as in Nov 2021?
Data from Ecoineometrics shows that Bitcoin whales and fishes (less than 1 BTC) are showing a syncchronous accumulation behavior. If it continues, this is very positive!
As the analyst states it:
“I don’t know if this signal is going to continue being predictive of a sustained rally, but hey, for now it is working fine.”
We are also witnessing a rise in inflow across crypto funds as capital injections have 4x to $85bn with the majority ($71bn) flowing to Bitcoin investment products.
You can find CoinShares' report here
What levels are traders looking at?
If you have read me for a while, you would know I am the worst trader out there so luckily for you this is not my analysis but a broad summary of what professional traders are looking at
I hope these information were helpful to you as they were to me, it helps sometimes to have a bigger picture and relax to think about how far we've come !
Stay safe out there,
