Crypto Thanksgiving Sale Goes Live, Black Friday to Offer More Discount?

Well, what were you expecting after an over 85% rally in these past two months?

This may have taken us all a bit by surprise despite expecting to see this coming for some time now, but it’s a Thanksgiving sale, and buying the dips is the only option.

Bitcoin started breaking one level after another, from just above $10,000 to a new 2020 high of $19,500 just yesterday. And much like BTC, altcoins have been having a wild time.

Recently, Ether went up to $620, and XRP was reaching for $1; everything was simply exploding higher and higher, approaching their mid-2018 highs.

Add today; the market has turned a deep red just like that.

Bitcoin started dropping and didn’t stop until it made its way to nearly $16,300, but the pain isn’t over yet as this 17% crash could further extend into the weekend.

At the time of writing, BTC/USD has been trading around $17,000 with a real trading volume of around $6.68 billion.

Just yesterday, crypto exchange Kraken reported an all-time high volume of $1.4 billion, with $480 million in Bitcoin, $400 million in XRP, and $198 million in ETH. After yesterday, today is going to be another big day for exchanges.

XRP recorded the biggest hit of 25%, falling to just under $0.50 level and Ether to $505.

Today’s biggest losers include Super Bitcoin (-56%), Bankera (-41%), Verge (-37%), ZEN (-32%), KIMCHI (-30%), Zilliqa (-28%), and CRV (-25%).

These deep losses resulted in wiping out $70 billion from the total market cap.

However, still, a few cryptos are recording gains: the notable ones are PumaPay (+56%), Ontology Gas (+53%), and CREAM (22%).

Bears, however, aren’t done with Bitcoin and, by extension, altcoins.

During the last bull run in 2017, the market had an average of 30% retracements nine times; such a pullback will take us to under $14,000 this time.

As Charles Edwards, founder of Capriole Investments, noted yesterday, “19.2K was a technical magnet and biggest near-term test for Bitcoin. That was the time to be super bullish. This is the time to be cautious.”

According to him, the largest cryptocurrency could slide to under $15,000.

“Conditions are very massively overbought and bound for a correction,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. He expects Bitcoin to stabilize and achieve an all-time high, but a large drop would follow even that in the prices for the cryptocurrency.

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Author: AnTy

BitMEX & Founders Sued Again for Market Manipulation, Racketeering, and Money-Laundering

BitMEX legal woes appear to be far from over after another lawsuit was filed against the crypto derivatives exchange. The lawsuit filed in a California court by a Romania resident Păun Gabriel-Razvan claims that BitMEX parent company, HDR Global Trading Limited, and its founders engaged in illegal activities, including market manipulation, racketeering, and money-laundering.

With the company’s former CEO Arthur Hayes still at large, it has been a couple of rough months for BitMEX since the DoJ and CFTC initiated lawsuits against the firm. The trend is now picking on an individual scale as more people seek to sue BitMEX for ‘alleged’ manipulation tactics through the exchange’s internal trading desk.

The New Lawsuit Against BitMEX

The lawsuit by Păun Gabriel-Razvan comes barely a month since a Moscow based resident filed a similar complaint by the name Dmitry Dolgov. Interestingly, both plaintiffs are being represented by the same counsel who goes by Pavel Pogodin; this attorney works at Consensus Law. The latest filing claims that BitMEX facilitated illegal finance activities by skipping crucial KYC and AML practices hence,

“Hackers, tax evaders, money launderers, smugglers, drug dealers all flocked to BitMEX flooding the platform with hot money,”

It goes to highlight that BitMEX directly benefited from market manipulation through its internal trading desk, giving the following example;

“A money launderer (Defendant) would open two exchange accounts – a helper account on one or more exchanges used by BitMEX to calculate its index price (Coinbase Pro, Kraken, and BitStamp) and a winner account on BitMEX.”

The court filing details,

“The money launderer would then enter into a large leveraged derivatives position on BitMEX and immediately execute market orders from the helper account with maximum slippage to move the index price in a favorable direction.”

According to Pogodin, who spoke to the Block, his client lost 247.94 BTC as a result of these malpractices. They are now seeking 3 times compensation, translating to around $12.8 million as per prevailing market prices. The suit also seeks punitive damages worth $50 million per California’s law coupled with attorney fees, costs, and interest on the defrauded Bitcoins. Pogodin further noted that more lawsuits against BitMEX would probably follow as more ‘victims’ are coming forward.

BitMEX to Fight the Issue in Court

However, BitMEX appears unbothered by Pogodin’s lawsuits against the firm, according to a spokesperson who shared sentiments with the Block. The spokesperson said that they will pursue the issue through litigation and are optimistic that the courts will rule in the favor,

“As we’ve said before, regrettably, Mr. Pogodin operates just like a patent troll, filing ‘copy and paste’ complaints against us based on rehashed information culled from the internet.”

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Author: Edwin Munyui

DeFi Rules: Top 10 Ethereum DApps Cross The 1 Million-Mark In Daily Active Users

  • Top 10 Ethereum DApps collectively record over 1 million active users.
  • DeFi dApps dominate the field, with over 94% of the total active number of users.
  • Gaming and Collectibles also on the rise.

According to a report by blockchain analytics platform, DappRadar, the top 10 DApps have crossed the million-mark number of active users over the past 30 days. This follows the DeFi, or decentralized finance, ecosystem experiencing a second wave bubble – as these dApps expectedly contributed to over 94% of the total 1,017,760 daily active users on average over the past month.

In the top ten dApps, six are from the ‘DeFi and Exchanges’ category, two from High-Risk, one Marketplace, and one from the Gaming category.

DeFi contributes to over 94% of users on ETH dApps.

Over the past month, the DeFi field has experienced a kind of resurgence; hence the latest milestone crossed by dApps on Ethereum. Despite 1 million users sounding small in comparison with traditional applications, this “turning point justifies that DeFi may have given Ethereum the killer dApps it needed,” the report states.

The ‘DeFi and Exchanges’ category dominating in the number of users is not a shock, given the ecosystem’s steady rise across 2020. As of the time of writing, six of the top 10 dApps on Ethereum hail from the DeFi space, including Crypto.com’s DeFi swap, Compound, Uniswap, wBTC, Synthetix, and dYdX. These dApps contributed over 94% or 970,150 of the total active users in the past 30 days.

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DeFi and Exchanges dominate the number of active users on Ethereum (Image: DappRadar)

The top three dApps – Crypto.com, Uniswap, and Compound – accounts for the largest number of users across the Ethereum dApp ecosystem, with a total of over 930,000 users. Respectively, the dApps recorded an average of 513.56K, 276.65K, and 144.93K daily active users over the past month. The rest of the dApps in the top 10 recorded between 10,000 and 30,000 daily active users in the past 30 days.

Gaming and collectibles on the rise

While the DeFi market took the world by storm, the gaming, marketplace, and collectibles dApps also witnessed rapid developments and growth over the course of the year. Marketplace dApp, Rarible, and gaming platform, Axie Infinity, both broke into the top 10 list – and despite only contributing 25K users out of the total 1 million – their growth shows there are other “killer apps” on Ethereum building an active community around them.

Rarible is an open market place built on Ethereum that allows users to mint, sell, and create collectibles in the form of non-fungible tokens (NFTs). The Axie Infinity game has its own in-house marketplace called Axie Marketplace, where players can find items to buy, sell, auction, and receive offers. Both projects recently launched their governance tokens, which boosted user activity on their platforms.

The remaining two dApps – HEX and Forsage – are ranked as ‘High Risk’ applications with a total of 22.5k and 29.69k active users in the past 30 days.

Has the DeFi bubble burst?

In early October, calls of the DeFi bubble going burst due to a drop in user activity were quashed. Looking closely at Coin Metrics charts on the total DeFi active wallet accounts, only SushiSwap and Uniswap experienced the wild drop in user activity as other DeFi platforms escaped the wild volatility.

It seems too early to predict the DeFi bubble burst yet with a burgeoning TVL and total active users on Ethereum reaching a 33-month high, as shown on Glassnode Studio charts.

While the number of users on dApps is surging, the DAppRadar report stated the figures did not show the number of unique addresses. Some of the users have visited the platforms several times over the past month, and some have multiple addresses, which could inflate the numbers.

All in all, it is a turning point for both DeFi and Ethereum users.

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Author: Lujan Odera

Bitcoin Hits $17,000, But It is Clearly Different This Time in a Number of Ways

Bitcoin is back on the move.

After a small pullback over the weekend, the start of the week was an explosive one as BTC ripped past $16,800 on Monday and hit $17,000 today.

With this, yet another milestone was achieved by Bitcoin as the last time we reached this point was on January 7, 2018, marking the close of the 6th consecutive up week in a row. These came a single-day high USD transaction volume of 2020 was made just two weeks ago at $13.56 billion.

Still, no one is late to the party yet as “many on-chain indicators show that the bull market is only getting started. With BTC at $16.8k, Reserve Risk is just breaking out of the green zone and even lower than 2019 when BTC hit $13k,” noted Rafael Schultze-Kraft, CTO at Glassnode.

This uptrend actually started when Square first invested $50 million in Bitcoin; it has been pretty much one-way traffic since then. Even PayPal sees great demand as seen in the surge in the volume on ItBit, the exchange service provider of Paxos.

Grab those BTC

As Bitcoin continues to edge higher to the congestion area between $16,100-17,150, the risk-on sentiment remains unchanged with the aggregate open interest (OI) rising yet again to a new record high led by stablecoin margined futures as opposed to Bitcoin margined products.

Amidst these gains, miners have been selling an average of 11 BTC per hour at exchanges compared to 214 BTC per hour being scooped off the exchanges; this week, it was 328 BTC per hr.

Meanwhile, the miner hash rate has stabilized following the difficulty adjustments and miners’ transitioning their ASIC hardware to coal-powered northern regions like Inner Mongolia and Xinjiang following the end of the rainy season in China’s Sichuan province.

Need to Break Above the 2017 High

Currently trading above $17,050 in the green with $3.4 billion in volume. With these gains, Bitcoin has surged 55% in this quarter.

Even despite the significant big gains and being more volatile than stocks, “the so-called minimum variance portfolio — comprised of the S&P 500 and a handful of digital coins — can nonetheless reduce risk meaningfully relative to equities alone, including during the worst of 2020,” said strategists Roberto Perli and Benson Durham of Cornerstone Macro LLC.

This year, cryptos are on a tear amidst the increased institutional acceptance, interest from not only younger investors but also family offices. The significant variance in their price moves is what makes them good diversifiers.

Bitcoin is seen as more and more like gold for the 20th century — a store of value. Compared to bullion’s 24% gains YTD, and down -0.29% in the fourth quarter, Bitcoin recorded a year-to-date performance of +133%.

Still, as we reported, the market isn’t that excited yet with the traffic seen during the 2017 top not here, by a wide margin. This can be seen in the Bitcoin-related tweets a day, which was around 120,000 at the height of the crypto boom and is now oscillating between 30,000 and 60,000.

“This rally is clearly different in a number of ways,” Guy Hirsch, managing director for eToro US, told Bloomberg. It is less speculative, and although despite recent developments, it has been advancing at “a snail’s movement, it’s in the right direction. Generally speaking, we’re very bullish on what’s happening.”

Even in the crypto market, the crash in the DeFi space in Sept. also has a lack of excitement in market participants.

“The individuals — a lot of those people got burned badly — they’re less excited about it now,” said Matt Maley, chief market strategist at Miller Tabak + Co. “It’s certainly not the huge hoopla we had back in 2017 — that could change if it breaks above the 2017 highs.”

According to Greg King, CEO of Osprey Funds, a subsidiary of REX Shares that runs a Bitcoin trust, people at the dinner table will be talking about Bitcoin when it hits $50,000 or $100,000.

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Author: AnTy

Uniswap (UNI) Farming to End Today, Billions of Dollars to be Released

Launched in the mid of September, the governance token of DEX Uniswap, UNI, is currently down over 10%. In the first week of November, the DeFi token crashed 72% from its all-time high, achieved right after its launch.

Since then, the 26th largest cryptocurrency by market cap of $803 million has doubled in value, trading at $3.56.

Uniswap actually has been the first DeFi project to hit $3 billion in total value locked (TVL), which is currently down at $2.84 billion. Meanwhile, it has 3.1 million ETH, 29.5k BTC, and nearly 190 million DAI locked.

The project, however, maintains its dominance in the market at 21.18%.

Interestingly, in the next few hours, UNI farming on Uniswap Protocol will end with about $1 billion to be released into the market.

As it stands, around $2.3 billion funds are deployed farming the native token, and with Ethereum being the reference token, it means there is currently $1.1 billion ETH locked. Although it remains to be seen how much ETH will actually leave, the portion that chooses to stay will get to enjoy the high fees.

This could still mean some selling pressure for Eth, which is trading just around $462, already “at resistance with a potential double top.”

DeFi-Inflow-of-Money
Source: IntoTheBlock

With this new influx of money flowing into the DeFi sector, it’s to be seen where it will exactly move to.

It is possible this money flow will potentially make its way to SushiSwap. While liquidity has been coming off its recent highs on Uniswap, SushiSwap’s liquidity has increased substantially.

Even SUSHI token is currently enjoying gains of over 17% at $1.36, up 109% month-to-date (MTD) basis compared to Uniswaps’ 62%.

However, both are still cheap when it comes to their valuations based on the price/sales ratio. While Uniswap P/S is around 10x and SushiSwap’s even much lower than that, its competitors like Curve and Balancer trade close to 80x.

In other news, over the weekend, the decentralized exchange Uniswap’s app interface went down due to issues with its gateway provider Cloudflare.

The automated market maker (AMM) built on top of Ethereum took to Twitter to share the outage issues and point out how “now is a good time to remember the benefits of decentralization.”

Unlike a CeFi, which, if goes down, has no way to access it, a “true DeFi on Ethereum there are no central points of failure” and “there is no downtime,” as pointed out by Uniswap creator Hayden Adams.

As can be seen with Uniswap, it is available on other IPFS gateways, can be run locally, easily be forked and re-hosted, and can be traded over Uniswap natively from Dharma and other Ethereum wallets. One can also trade on Uniswap through a wide range of aggregators, a command-line, and over Etherscan.

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Author: AnTy

Capital Influx in Bitcoin Is The Highest its Been Since the Last Bull Market

Over the weekend, the price of the Bitcoin fell to the $15,700 level, but today, we made another attempt to test high levels. Going back to nearly $16,400, currently, Bitcoin is trading in the green with $1.85 billion.

According to on-chain analyst Willy Woo, Bitcoin is shaking off the bearishness technicals that make short and mid-term on-chain fundamentals bullish as more coins get scooped off exchanges still. This means more users arriving, indicating a buy the dip scenario.

This price action is rather organic, means instead of dominated by short term derivative traders, it tracks closely with investor capital entering and leaving.

The Realised Price of BItcoin, which estimates the average price the market paid for their BTC, is currently at its steepest slope for this cycle, “meaning capital influx into Bitcoin is at its highest rate since the last bull market,” said Woo.

Given that it is higher than last year’s $4k-$14k move, the current move signals to be more organic.

BTC-Realized-Price
Source: @Woonomic

“If you missed 2013 and 2017 bull markets: current bitcoin price rise to $16K is just a small taste of what will come next. We are just warming up,” said analyst PlanB.

As we reported, after JPMorgan’s bullish view of Bitcoin, Citibank released a report where it set the moon target for BTC at over $300,000 by December 2021, calling it the gold of the 21st century.

Already, the aggregate open interest (OI) continues to rise to new highs with that of the regulated venue, the CME, not lagging behind its peers either, a critical factor to consider.

“The outperformance is led by venues that provide stablecoin margined futures as opposed to Bitcoin margined products. As a result, the market is in a much healthier condition than it would have been if the said movement into stablecoin margin products did not happen. This leads to belief that higher levels will be achieved with much less strain on the market,” said Denis Vinokourov of Bequant.

The market cap of stablecoins has exploded this year, with that of the largest one, USDT surpassing $18 billion. All this dry power could further help the market run higher when prices start trending up again.

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Author: AnTy

Bitcoin Network Turns Red Following the Bull Run

The crypto market has turned red over the weekend.

Altcoins are recording losses in tandem with Bitcoin, which dropped to nearly $15,700 level today.

At the time of writing, we are still just under $15,815 but in red by over 2.77%, with volume also down at $2.03 billion.

Much like the price, which could now be in consolidation after surging 45% in the last month, the network fundamentals are also in decline.

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Source: ByteTree

However, transaction count is still slightly up along with the miners’ bitcoin selling, which is a good thing. Interestingly, miners see increasingly healthy profit margins thanks to the recent rally.

Alongside the price rise, more mining operators launched, and more resources were dedicated to mine BTC that pushed the network hash rate to a new all-time high in October.

As we reported, in recent weeks, the end of the wet season in China pushed up electricity costs. “With mining hash rate and difficulty at all-time highs and electricity costs rising, miners saw their input costs rise, which compressed mining margins eventually leading to the most recent hash rate decline,” noted TradeBlock.

But now again, at lower difficulties, miners are estimated to be back at healthier margins, especially as the market price of bitcoin continues to push higher.

image1
Source: TradeBlock

Although the market seems to have calmed down, for now, it is not clear if a big pullback as expected will come. As we saw with the S&P 500, when QE was first introduced this year, the equity market traded at multiples to its new highs.

Moreover, the aggregate futures open interest (OI) has topped the $6 billion mark. Even on OKEx, OI is creeping through the $1.1 billion mark despite the unresolved withdrawal issues. However, it is worth noting that the Bitcoin mining pool of OKEX has lost almost all of its hash rate, which previously accounted for around 5%, as a result of the withdrawal issues.

“It is this herd like behaviour that also causes over crowded trades and ultimately leads to assets trading at sky high multiples,” noted Denis Vinokourov of Bequant.

Also Read: BTC’s Moon Target Set at $318,000 in Dec 2021 by Citibank Report

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Author: AnTy

Bitcoin & Digital Currencies Won’t Succeed: Founder of World’s Largest Hedge Fund

Ray Dalio continues to have his concerns about Bitcoin, which he doesn’t prefer over the traditional safe-haven gold, unlike the latest converts like legendary investors Paul Tudor Jones, Stanley Druckenmiller, and Ben Miller.

In his latest interview with Yahoo Finance, the founder of the world’s largest hedge fund Bridgewater Associates shared his views on digital currencies, which he said is of two types; the first one is the bitcoin type of currency, which will be an “alternative currency in terms of its supply & demand and an alternative storehold of wealth.”

The second ones are the digitized version of fiat currencies, central bank digital currencies (CBDC), and “we’re going to see a lot more of that,” he said.

But his problem with Bitcoin is that though theoretically, it’s good to be a currency, it has to be an effective medium of exchange, store hold of wealth. Moreover, governments want to control it.

He argued, “I can’t take my bitcoin yet and go buy things easily with it.” As for being a storehold of wealth, it is volatile, and so much of it is based on pure speculation as such not an effective one at that, making it not suitable as a “transaction vehicle.”

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Interestingly, while BTC has recorded +120% year-to-date performance, Bridgewater Pure Alpha II Fund is down by 18% YTD.

Another problem with Bitcoin, according to Dalio, is, “if it becomes material, governments won’t allow it. I mean they’ll outlaw it.”

“They’ll use whatever teeth they have to enforce that they would say you can’t transact the bitcoin, you can’t have a bitcoin,” which would make one a felon to use it. He points out how governments even outlawed gold.

Cash is a Risky Asset

According to Dalio, gold will be a vehicle that central banks and countries will use as an alternative to cash, which won’t be devalued by printing it, and already the precious metal is the third-largest reserves of the US.

“I don’t think digital currencies will succeed in the way people hope they would,” he said.

His views on digital currencies are based on the “new era of monetary policy” we are in, which he believes is the third one where the free market will play a much less role in determining capital market flows.

“The two dimensions of the big change environment you’re going to see: much more government influences and direction of where money goes,” said Dalio, adding “the government will play a bigger” which means there’ll be much more debt that is monetized and that has implications for the value of financial assets and the value of the currencies.

By printing the money, governments have already diminished the value of cash and the value of bonds as they promise to receive a lot of currency, Dalio said.

All of this is shifting wealth to financial assets and, as always, sends stocks and gold higher. Another clear thing is that “cash is a risky asset,” he added.

“So many people think if I go to cash, I’m going to be safe because it’s much less volatile, but please realize in this environment of producing a lot more cash the real returns go down, it’s a seductive risk, risky asset,” because of inflation, said Dalio.

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Author: AnTy

Bitcoin Miners Accelerating their BTC Selling Signals Strong & Bullish Market

Today, the price of Bitcoin has jumped over $16,100 for the first time since early January 2018.

The bulls have come charging as the total aggregate open interest (OI) hit another record high.

“The bullish bias continues to ensure steep and favorable term structure for spread traders. The bulls were also in full force in the options market where the skew and the implied vol smile continues to show bullish market positioning, helped on by the contained nature of volatility,” noted Denis Vinokourov of Bequant.

Now that the velocity is improved, miners’ rolling inventory (MRI) is also currently strong.

According to this metric, which shows the year on year percent change in inventories held by miners, miners have started selling BTC again. During the bear markets in 2014 and 2018, there has been lower selling pressure.

But now they are back to selling, which Charlie Morris of ByteTree says is “bullish.”

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Bitcoin annual change in inventory held by miners since 2013

Selling more BTC than produced by miners has been going on for the past three months, but over the weeks, it has been gaining momentum, and currently, the one-day MRI is 140.40%.

“Miners once earned 50% of Bitcoin’s market cap! At that time, they had a huge influence on Bitcoin price. Today, higher miner selling pressure actually signals a strong market,” noted crypto exchange Bitstamp.

Keep On Mining

As we reported, the Bitcoin hash rate has recovered and is already near its all-time highs as miners switch to colder places now that China’s rainy season has ended.

After a dramatic correction, the estimated number of terahashes per second the Bitcoin network continues their recovery, which has been helped by a huge adjustment lower in the mining difficulty last week.

BTC Mining Difficulty 2020
Source: CoinWarz

The mining difficulty is expected to adjust lower once again but at a more measured pace of -6%. However, this may change with only just over 4 days left until the next adjustment.

Amidst this, publicly-traded mining company Hive Blockchain purchased and deployed 1,240 MicroBT WhatsMiner M30S machines already. This largest single purchase doubles the firm’s aggregate hash rate.

Hive’s shares, which had $1.8 million net income in Q1, gained about 490% YTD thanks to the BTC price jump.

Another publicly traded Bitcoin mining company Riot Blockchain reported over $2.4 million in mining revenue, an increase of 42% from 2019 during the same period.

After increasing its hash power in Q3, the company is further planning to expand its mining operations. Currently having a mining capacity of 556 peta hash per second (PH/s), Riot has four purchase agreements with mining manufacturer Bitmain for a total of 16,600 S19-Pro machines that are expected to be delivered and deployed through the end of Q2 2021.

Miners are simply bullish and expect the price of Bitcoin to continue to rise in the next year.

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Author: AnTy

New Smart Money Buying Bitcoin Rally; Selling Pressure Entices Bargain Hunting Flow in DeFi

Over the weekend, Bitcoin’s price took a drop of about 8.5% to the $14,400 level. This has the first meaningful retracement ever since the BTC price started trending up this month, going from $13,000 to almost $16,000.

Today, we are back on the move, going as high as $15,845, starting the week with greens of about 3% with $2.6 billion in trading volume.

“Nice recovery over the weekend with low volume but still no higher highs yet. Funding is still okay. We might be chopping a while here,” said trader CryptoSqueeze who has closed his long swing position for now, “until a more obvious pattern forms.”

Bottomed or Short Squeeze?

Up 113.50% YTD, Bitcoin has taken a rest from the recent rally, giving altcoins a chance to record some gains as well.

Bitcoin has no doubt beaten the traditional assets, gold (28%) and S&P 500 (8.63%), by a wide margin in year to date performance. But after many sessions of outperforming the rest of the market, Ethereum staged a dramatic run in the wake of positive news related to its PoS transition.

Additionally, the small-cap index is trading up 9.5%, now almost in lockstep with the large-cap counterpart, which has been up over 10% — in contrast to the performance in previous weeks where capital inflow was largely in the large-cap assets.

DeFi tokens have actually been the ones that recorded percentage gains in four figures. While TVL advanced back to the record highs, DEX Uniswap topped $400 million for the first time since early October.

The magnitude of recent selling pressure in DeFi assets has now “enticed plenty of bargain hunting related flow” with the most notable gainers, in terms of one-week performance including Aave (80%), Hegic (76%), SNX (61%), RUNE (54%), YFI (42%), CRV (26%), YFII (25%), and Uniswap (20%).

Who’s Buying the Rally?

Still, Bitcoin is the one that is only 30% away from its all-time high of $20,000 made during the bull run of 2017. But market participants believe BTC isn’t ready for that level yet and would “dance” around its current levels for a few weeks.

“I still think ur insane if u tryna macro long BTC over $15k,” said trader loomdart.

But according to on-chain analyst Willy Woo, it has been the high net worth individuals, the smart money, that has been buying this rally.

It is not just smart money but also new smart money, as seen in the rate of new investors coming in per hour previously unseen before on the blockchain, which is “seriously bullish.”

As we reported, recently Grammy-nominated rapper Logic also announced to his 2.4 million Twitter followers that he had made a ‘big investment‘ in the digital asset.

This can be seen from the average transaction value between investors taking a big jump upwards, the same as over-the-counter (OTC) desks.

“Bitcoin is still in it’s stealth phase of its bull run,” said Woo.

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Author: AnTy