Institutional investors are increasing their buying pressure amid recent price corrections prevailing at the world’s most volatile financial market.
Long-term supply decreases as HODLers take profits during bull markets – and increases in re-accumulation phases at cheaper prices.
On-chain data is beautiful. Here a fingerprint of #Bitcoin cycles.
Long-term supply decreases as HODLers take profits during bull markets – and increases in re-accumulation phases at cheaper prices.
Smart money.
Chart: https://t.co/U4h9u8I6wx pic.twitter.com/uSCjUmXrHr
— Rafael Schultze-Kraft (@n3ocortex) March 3, 2021
Very strong on-chain support at $47k – around 500,000 BTC has been moved at that level.
On the bias that there is a large increase in Bitcoin illiquid supply, strong holders are ramping up their positions despite the sell-off.
READ: Why Bitcoin could be worth $1,000,000
Bitcoin is holding up against the macro spectacularly well.
Such data suggest that the Bitcoin Market is transferring Bitcoin wealth from the impatient to the patient.
Data from Glassnode, recently revealed there was a 2% plunge in the number of flagship crypto held on Crypto exchanges between February 23 and March 2. This is equivalent to about 52,900 Bitcoins.
Institutional investors are perceived to be driving Bitcoin’s bullish record-setting run. Amongst them are; Anthony Scaramucci’s Skybridge Capital, Mass Mutual, and Guggenheim (up to 10% of its $5 billion macro funds).
Bitcoin is fired up on all cylinders, smashing its past record highs at the speed of light, and it seems the momentum trade is strengthening as mass media outlets embrace crypto coverage, on the bias that the flagship crypto is attracting significant buying pressure.
Also, the flagship crypto is on its record high amid strong purchases seen in accredited investors gaining more exposure to Bitcoin through the world’s biggest crypto hedge fund, Grayscale, and the CME Bitcoin futures market.