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Fish food? Data shows retail investors are buying Bitcoin, whales are selling
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Bitcoin (BTC) staged an impressive recovery after dropping to its three-month low of $42,333 on Dec. 4, rising to as high as $51,000 since.
The BTC price retracement primarily surfaced due to increased buying activity among addresses that hold less than 1 BTC. In contrast, the Bitcoin wallets with balances between 1,000 BTC and 10,000 BTC did little in supporting the upside move, data collected by Ecoinometrics showed.
"Bitcoin is still stuck in a situation where small addresses are willing to stack sats [the smallest unit account of Bitcoin], while the whale addresses aren't really accumulating," the crypto-focused newsletter noted after assessing the change in Bitcoin amounts across small and rich wallet groups, as shown in the graph
Read more on cointelegraph.comAbout this in other media
Mexican billionaire says 'buy Bitcoin' in new year message cointelegraph.com /2 years ago
Christmas Rally for Bitcoin, Ethereum as Prices Break Key Levels, Funding Rates Turn Positive cryptonews.com /2 years ago
Options trading activity hits record powered by retail investors, but most are playing a losing game cnbc.com /2 years ago
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