Another point that could indicate the purchases of large investors are very low bitcoin transaction fees. New ATH almost every day and fees stays at 5-20 sat/vbyte for next block transfer. If retail small investors would be buying btc now we would see many small transactions and congested network.
Fun fact. In my city there is notorious lack of cash in bitomats. Yesterday one ATM went from full to empty in 2 hours. Looks like retail investors are dumping bitcoin currently not buying.
Topic: This last rally Leg has been also bought by retail? - page 3. (Read 556 times)
What I mean is that: is it possible that the last leg in this rally hasn't been fueled entirely by the institutional, as the main narrative tends to convince us, but also there is a consistent inflow from retailers, which, without FOMOing, have definitely contributed to the rise in price in the last, say 70% leg up from 25K to 42K.
Very interesting analysis which makes a lot of sense to me. I do believe that without instituational investors having created a solid foundation for the 10k - 15k price range our ride after breaking 20k would have been way bumpier though.
We see that while in 2017 the market was irrational with a quote more than 3 times the model price forecasted, now he excess is only 30% of the model price.
This means the rise has been extremely organic and "well behaved".
This means the rise has been extremely organic and "well behaved".
During which period? The early / mid bull market of 2017 was also fairly "well behaved" once we stabilized above the old ATH, except for a few weird skirmishes with Bitcoin Cash during the late summer. It was only after we broke 10k in December that the market went completely bonkers. I guess what I'm trying to say is: The rise has been extremely organic for now. Don't get me wrong, the current steadiness of growth bodes very well, but FOMO will kick in eventually.
In the past months, I have been a close follower of the institutional adoption of bitcoin from Big players.
I am convinced that Bitcoin is a Digital Gold 2.0 and it's #Phase5 narrative is the Ultimate Store of Value.
So I have been following Grayscale, Square, Paypal and Microstrategy Gobbling Bitcoins in the past months.
I am convinced that Bitcoin is a Digital Gold 2.0 and it's #Phase5 narrative is the Ultimate Store of Value.
So I have been following Grayscale, Square, Paypal and Microstrategy Gobbling Bitcoins in the past months.
 |  | |
GBTC AUM has been growing steadily
Jump to:
|