I'm really surprised about what's happening with bitcoin right now. According to Glassnode's data, it shows that the short-term holders have bought a total of 15K BTC in just this 4 days as the month of April began. That sends them to a combined total of about 3.7 million btc. If we are to calculate that with the current market value of BTC, which is 83K as at the time of writing, that's like $307 billion u.s dollars.
Usually the trend as i have seen over the years is that, these short term buyers panic sell when prices are dipping, but judging by the market action currently, it kinda looks like they've found a bargain. Maybe they are on to something because btc is still 25% off it's peak.
Big ups to the long term holders.
They have bought over 400K BTC since february according to the same data, and they have a combined BTC of 13.5 million. I believe that figure speaks for itself and shows the faith the investors have in the crypto especially with the prices just dangling around lately. That sentiment also gives me hope that BTC has got legs for the long haul and not just this month.
Considering the fact that the Nasdap dropped 3.5%, and bitcoin didn't really react also shows that btc is not acting according to the stock market, but it stands on its own as an asset class you can "trust". It looks like it's gradually becoming the safe investment that hedges not just against inflation but against market crushes. What am I saying? Inflation leads to market crush. Is that tautology?
It's still Crypto so anything can happen
Anyways, we can't be all certain because since february, we have had short-term holders sell 280K BTC after the january crypto crush. Some were taking profit while the majority I believe were just panic selling primarily due to Trump's Tariffs. This will obviously make you wonder if the short term holders who are mostly new investors or crypto newbies will hang on in case there is a shaking along the journey. But in short, I really do love the strength and momentum that's gathering up according to the charts today for the month of April.
What's your take?
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I think that bitcoin is on sale. Buyers are happy to buy bitcoin at a price 25% off it's high and seemingly lock in a 25% gain. If the past is any indication, the governments of the world have not vanquished inflation, which remains the enemy of citizens world wide, as it raises the price of food, clothing and shelter, but paradoxucally the friend of governments in debt, as it devalues their debt, making it smaller and easier to repay. Thus the interests of the governments and the citizens are ar=t odds, as citicens ask the government to both reduce inflation and payoff the debt which created inflation.
I couldn't agree more with your response.
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