Bitcoin Whales and 'Little Guys' are Accumulating: Onchain Data Shows
The run-up to $50k is near, traders maintain.
Ahead of this record-making surge up and retest of Q1 2021 trading territory, on-chain indicators reveal a ramp-up of Bitcoin and retailers.
The purchase, especially from the 'little guys,' is at record-level, outpacing that of whales, indicating market confidence and the possibility of higher highs in the weeks ahead.
It should be noted that retailers usually drive the Bitcoin spot market due to the lack of well-defined rules to directly funnel institutional and heavy-weight funding in Bitcoin.
Accordingly, the side chosen by retailers relative to miner holding could go a long way in determining the primary trajectory of BTC prices in the short to medium term.
At this point, BTC appears to be bottoming up, tearing higher after blasting above the strong liquidation and psychological level at $40k.
The ability, therefore, of buyers to shore up prices and keep the momentum going is of utmost importance for spot and derivatives traders angling to ride the trend back to $60k.
That there are indications of strength—with the buttressing coming from whales, including Purpose ETF, QBTC, and Grayscale, the BTC/USD path to $60k would be accelerated.