Bitcoin is continuing to show strong momentum even after a major rally.
This time, the Google Trends interest is relatively low for the keyword "Bitcoin" while on-chain data shows smart money is accumulating BTC.High-net-worth investors are buying Bitcoin.
According to on-chain analyst Willy Woo, it has been mostly high-net-worth investors who have been purchasing Bitcoin.
"Who has been buying this rally? It's smart money... High Net Worth Individuals. You can see the average transaction value between investors taking a big jump upwards. OTC desks are seeing this too. Bitcoin is still in it's stealth phase of its bull run."
The trend of whales frontrunning retail investors is optimistic because it shows Bitcoin is still in its nascent bull phase.
Whales consistently buying Bitcoin over the past few months is optimistic in itself.
If the number of addresses containing large amounts of Bitcoin increases, analysts consider it as an overall spike in new whales.
The rise in more high-net-worth individuals accumulating Bitcoin coincides with the start of the recent institutional frenzy around BTC. Following Square's BTC purchase worth $50 million, the number of high-net-worth investors in the Bitcoin market noticeably increased.
"Best of all we are not just seeing smart money flow in, it's NEW smart money. Orange line is the rate of new investors coming in per hour previously unseen before on the blockchain. It's seriously bullish."Google Trends data shows relatively low retail interest.
San Jose/San Francisco in California i.e. Silicon Valley is ranked as the top metro region for Bitcoin interest.
Silicon Valley and 'smart money' are behind this Bitcoin rally, data suggests
Publié le Nov 9, 2020
by Cointele | Publié le Coinage
Coinage
Mentionné dans cet article
Nouvelles récentes
Voir tout
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.