'Sophisticated passive buying' on Bitcoin spot exchanges is balancing out the selling from hodlers.
Adjusted Bitcoin supply shock. Source: Willy Woo
The price recovery witnessed in the Bitcoin market across the last two weeks coincided with a rise in hodlers and speculative investors selling their coins, according toNonetheless, BTC's price ability to withstand the selling pressure meant there was buying pressure coming from elsewhere.
"This view is supported by coins moving away from exchanges to cold storage. Meanwhile, whales who hold more than 1,000 BTC are accumulating. This hints at institutional money deploying capital."Despite the price of Bitcoin going into the weekend, the rise in whale addresses controlling 1,000 to 10,000 BTC has also not gone unnoticed by on-chain data resource Ecoinometrics.
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