Recent data suggests that retail has been accumulating bitcoin aggressively

Normally retail jumps in at the top... given that, either retail is getting a little smarter, or that $10k area is the near-term top.

Looking at data like bitcoin wallet holdings, it looks very much like retail has been accumulating heavily these past few months.

Bitcoin wallets holding at least 1 BTC have been steadily climbing since November.

Check it out:

(Source: https://cryptoslate.com/data-shows-retail-investors-are-frantically-accumulating-bitcoin/)

As you can see, we had a big drop in wallets holding at least 1 bitcoin 3 months ago...

Not sure exactly why that was, but the big drop also seemed to coincide with the lows seen in bitcoin.

Bitcoin drifted down to the $6k's right about the same time that the wallet numbers were hitting lows as well.

Either way, we have since made up all that ground and then some.

In fact, we are only 2,000 wallet addresses away from new all time highs of wallet addresses holding at least 1 bitcoin!

What gives?

I think this data can be viewed a couple ways.

For one, this data doesn't necessarily mean retail investors as it says at least 1 bitcoin.

It could also mean 100 bitcoin or any other number larger than 1 bitcoin, which would imply institutions due to the sheer size.

However, even if this is all retail I think this might be one of the few times they could be ahead of others.

They likely know how the halving impacts bitcoin's price at this point, and they are likely buying in anticipation of that.

Overall though, I am still a bit skeptical whether those addresses really reflect retail investors or not as I have seen some other data that has suggested that institutions are finally starting to move into bitcoin.

I will touch on that a bit more at a later date.

Until then, wallet address with at least 1 bitcoin are climbing, irregardless of who is behind them.

Stay informed my friends.

-Doc