In recent days, millions of bitcoins have changed hands, moving from weak to strong hands of investors. HowAccording to Twitter user Bitcoin Jack, their number may amount to several million of "18 million issued and partially lost."
In this regard, he wonders how one can believe in the bearish mood of Bitcoin with limited emissions.
The user also showed a graph withcurrent volume of BTC transactions on the network: since December 2018, there has not been such a large number of bitcoins traded in one day. The peak occurred on the day of the collapse on March 12, when more than 562,000 BTC were traded on the network in 24 hours.
Millions of $ BTC (note: there are only ~ 18 million and some are lost) shifted from weak to strong hands on chain
Billions ($ USD) in contracts on derivative exchanges shifted from weak to strong hands
Serious question, considering the limited supply, how can you be bearish? https://t.co/Xm8TRcEue4
- // Bitcoin? Ack? (@BTC_JackSparrow) March 24, 2020
Probably high volatilitycryptocurrency markets and huge sales pressure have caused such huge trading volumes. And it was at this moment that bitcoins released from weak hands were picked up by the strong.
According to Bitcoin Jack, the latter, understanding the prospects of the main cryptocurrency, will most likely sell their assets in the future. Undoubtedly, by that time the price will increase significantly.
There is no reason to doubt the Bitcoin Jack hypothesisit has to be, since this has happened more than once. In addition, let's not forget that after the vertical collapse on March 13, the price of BTC rose, although only slightly, while the S&P 500 index continued to fall for another 10 days.
Probably, the cryptanalyst hints that the whales not only remained with their bitcoins, but were also able to build up their assets, using knowledge of psychology and panic in the market.
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