BTC Update
BTC has gone a steep bull run and has scaled 13K quite easily . An increase of 4K in the past 7 days . The reason for this increase is not through retail participation though.
There’s much to glean from the lack of retail involvement in the current move. In the Google Trend chart below The spike that looks like largest spike was seen at the height of the crypto boom in late 2017 and early 2018.
The tiny blip at the end on the right which is still eclipsed by a surge of interest in May of this year is the current state right now. Retail buyers have yet to jump in here, and mainstream media is still very far from the sort of coverage it produced two years ago.
The spike in BTC price has also gone hand in hand with a surge in volume that can only be the result of instituion backed buying power.
According to Diar.co:
“Over 26% of circulating supply ($36Bn worth of Bitcoin) now sit in addresses that have a balance of 1000–10k BTC. In August 2018, when Bitcoin was also at $8000, these ‘Firm Size’ addresses held under 20% of the circulating supply, showing a sharp accumulation of nearly 7% in less than a year.”
As expected, the bear market bottom which occurred around the holidays last year gave ‘Firm Size’ addresses the ability to accumulate and provide the firm ground upon which the current rally now stands. Retail holdings remain steady – so, considering that institutional demand has sharply risen, all of the ingredients are in place for BTC to continue its monumental run.
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