Thread by @ChainLogAnalyst

Tomorrow a new market analysis will be out, followed by updates on the new macro data. This week will be huge.

meanwhile today I'm watching at something no one is looking at.

#Whales are accumulating they say.

A short thread 🧵

#onchain #BTC #Bitcoin

So let's take in consideration for a minute the fact that we can divide the cohort and call them as we want.

@glassnode divide the 2 cohorts we are gonna talk about today like this:

#Whale (1,000-5,000 BTC)
#Humpback (>5,000 BTC)

Meanwhile here we are looking at:
#Whale (1,000-10,000 BTC)
#Humpback (>10,000 BTC).

As you can see by yourself, whale holdings are actually declining since the last #ATH, meanwhile the opposite can be said for humpbacks.

That can mean only two things:

1 - #whales are distributing meanwhile #humpbacks are accumulating

and

2 - #whales are actually becoming #humpbacks at a fast rate.

I think the second in this case would be very much likely since we are seeing those 2 metrics inverse correlating almost 90% of the time since the last drawdowns

The opposite was also true in 2018 bear market, when a large chunck of #LTH sold into the capitulaztion event, thinking #Bitcoin was going to die. (You can see it in the dormancy chart below)

Huf Huf

Seems like something we are experiencing also as of today

Obviously #Bitcoin survived and thrived upon all the FUD that we have gone through.

Anyway, the point here is that #accumulation metrics could be faked by numbers, flaws and analysis metodology.

Accumulation is in, how much it would take and how low we could go?

I let this truths to those who can see through the folds of time. Magicians and chiromants are everywhere when you search for someone who is gonna tell you where and when the market will move.

I'll keep sticking to my #data, because data never lies, when you know how to read it