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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
Veteran Bitcoin hodlers are still selling record low amounts of BTC despite 70% gains in 2021 cointelegraph.com /2 years ago
Bitcoin rises above $51K as the dollar flexes muscles against the euro cointelegraph.com /2 years ago
Missed out on hot crypto stocks in 2021? It paid just to buy Bitcoin and Ethereum, data shows cointelegraph.com /2 years ago
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