- Bitcoin is changing hands fast following its plunge below $33,000. Data shows that the main investors “buying the dip” are those with a balance in excess of 1,000 BTC ($36 million).
- The numbers suggest that the wealthy have been profiting from Bitcoin being sold by smaller investors throughout December and January.
- While the number of wallets with smaller balances decreased as BTC/USD climbed to recent highs of $42,000, the 1,000 BTC+ group became an outlier. The net effect is thus weak hands selling to strong.
- While institutional buy-ins have become the standard narrative of Bitcoin over the past few months, a rogue “weak hands” signal from one of them caught analysts’ attention this week.
- Guggenheim Partners, which announced a sizable fund allocation to BTC in late November, is allegedly planning to sell some of its holdings already.
- Read the full story here.
0 Comments
No time to read? Crypto articles too technical? Only want the facts?