Stealthy BTC Accumulation
While Bitcoin trends sideways near yearly lows, the OTC market has seen an increased demand for Bitcoin with 133,000 bitcoin bought over the past 4 weeks by just 5 wallet addresses assumed to be held by institutional trader(s). The herd is coming and that is evident by following the money being spent by Wall Street. Once they have their own bags filled, then they'll unleash crypto onto traditional traders on stock exchanges.
"One thing that caught my attention is that there are several addresses that have been created in recent weeks with transaction amounts of 10,000 BTC, on average; that is, about US$ 65,000,000. Most of them in the months of May, July and August.
Additionally, there are 5 wallets with amounts between 11,000 BTC and 55,000 BTC in a period of 4 weeks, from the end of September to the last week of October. The total accumulated by these 5 wallets is more than 133 thousand BTC an amount equivalent to the cold wallet of Bitfinex (133 my BTC), superior to the cold wallet of Binance (129 thousand BTC) and Bittrex (107 thousand BTC); this according to the same portal bitinfocharts.
This shows that large amounts of money are entering the Bitcoin market while maintaining this strange stability in the price that has lasted longer than expected.
This feeds the theory that “heavy” financial institutions could be taking a position in the crypto market, but doing so stealthily or through the back door, through the over-the-counter (OTC) market, as I commented in a previous article, so as not to affect the price directly.
Below are the 5 addresses and the approximate dollar amount at the time of writing."
https://captainaltcoin.com/new-whales-are-here-somebody-bought-133k-bitcoins-in-the-last-4-weeks/
Thanks for the info. Google wyckoff. The big institutions aren't coming, they've been here all along.
Already familiar with Wyckoff trading method, I like mine better. I beg to differ on big institutions being here all along, if that were true then investment banks like Goldman Sachs wouldn't have waited until the 2017 bubble to buy a crypto exchange(Poloniex) and Credit Suisse wouldn't have waited until this year(Bithumb). They would have bought exchanges years ago before the bubble in order to capture all of the trading fees. Crypto demand caught them off guard and is why they are just now bringing crypto investment vehicles to their customers.