Since the crash in March 2020, retail investors have bought most of the BTC, so Bitcoin has gotten rid of the “stupid money”
Bitcoin (Bitcoin) Has become a fashion for ordinary investors again at a price of US$48,000, because the data confirms the biggest buying boom since March 2020.
In a tweet on December 14, statistician Willy Woo saw a key trend that had existed in the Bitcoin market for more than 18 months.
The retail industry increased BTC like March 2020
Rear Fell to 3,600 USD In March 2020, BTC/USD was a popular choice for those who are able and willing to invest-and now, this phenomenon is back.
The change in the balance of wallets holding 1 BTC or less—usually indicative of small-scale investors—has reached the highest level since March 2020.
Although the situation remains the same—coronavirus concerns and macro market concerns about central bank policy—the main difference by the end of 2021 is that the price of Bitcoin is $48,000 instead of $3,600.
Nevertheless, if retail accumulates data accurately, people’s interest will surge.
Woo commented: “The last time the retail industry had such a hard time buying on dips was at the bottom of the COVID crash.”
The last time the retail industry had to buy on dips so hard was at the bottom of the COVID crash.
There may be nothing, very little, etc. pic.twitter.com/HuxNxYMl48
— Willie Hu (@woonomic) December 14, 2021
As Cointelegraph Report This week, the larger existing hodlers continued to exhibit mixed behavior at current price levels. Despite some people selling, the top whales are more cautious about withdrawing funds from BTC.
“Smart” and “stupid” money hit a record high
At the same time, compared with short-term market participants, the proportion of long-term investors hit a record high.
According to the so-called “Smart Money Gap” indicator, including data Research from the on-chain analytics company Glassnode shows that there has never been such a big difference between the amount of BTC held by “smart” and “stupid” money-long-term buyers and short-term buyers.
Throughout the history of Bitcoin, the local peak of the indicator heralded the beginning of a price bull market and marked the bottom of the local price.
These figures support the claim that Bitcoin’s drop of nearly 40% from its all-time high of $69,000 “washed out” market speculative bets.