Monday, July 26, 2021
pool-ads
Home Latest News Bitcoin High-net-worth Bitcoin investors aren’t all bearish

High-net-worth Bitcoin investors aren’t all bearish

Despite the latest decline, high net worth holders aren't that bearish on Bitcoin. BTC has plummeted by almost 17 percent from its yearly high, but major investors are not fazed.

The latest Bitcoin correction does not appear to bother asset managers and investors who handle hundreds of millions to billions of dollars. The high-net worth investors like Microstrategy CEO Michael Saylor to Three Arrows Capital CEO Su Zhu, seem to be optimistic in the movement of BTC.

Alex Wice, who ranks at the top of FTX’s leaderboard and traded $1 billion in volume in a month, said his team is waiting for places to bid. Wice highlighted that after such a big price movement Bitcoin might face extreme volatility. However, he noticed that he is bidding position, suggesting that he is searching to accumulate on dips. He wrote: “We are flat and awaiting reentry. Saved by trailing stops. If you are a normie, just bid spot and HODL. Any wick down or V up could be massive. Remember, this isn’t the regular season. These are tough, playoff minutes. But this is where championships are won.”

On-chain analysts, including Willy Woo, stated that the rally was led by smart money from October to November. Institutions and whales evidently accumulated huge amounts of BTC, fueling the momentum of BTC. Market trends have also revealed that in the last two months, institutions in the U.S. have specifically been aggressively accumulating Bitcoin.

Interestingly, a related trend is shown by on-chain data from Glassnode. Bitcoin holders, small to medium-sized, traded anywhere from $13,500 to $18,000 during the rally. On-chain data reveal, however that whales are still accumulating, which implies overall confidence in BTC’s medium- to long-term trajectory.

The key for Bitcoin in the near run is to experience some consolidation prior to the next leg up. The mass liquidation of longs removed the futures market and exchange order books on November 26. BTC will hopefully recover the derivatives market and hold potential funding rates at low levels as the market recovers.Like XRP, XLM, and DeFi blue chips, alternate cryptocurrencies have already begun to rebound, contributing to the recovery of the market.

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
magazine-ads

Must Read