Data shows that long-term Bitcoin holders increased their net positions in the month of May signaling an accumulation phase.
It's either the beginning of the end of we're just getting warmed up for the big show.
The month of May was a little rough, or maybe you've blocked it out of your mind! Part of recovering from trauma is talking about it, having dialog, and acknowledging the events that occurred. Otherwise unfortunately sever PTSD is a very real occurrence for many.
Show Me The Data
Some data from glassnode that confirms what many of us had been hearing, in that whales were accumulating once again.
Buy the dip they say, well the game works a little differently on the macro level if you're a whale. But I do think it's helpful to zoom out and understand the larger movements, some would say it's critical.
Long-Term holders have done a great job selling the top of the market on Q4 2020 and again in Q1 2021.
It appears as though starting possibly in the month of April an accumulation phase was initiated by long-term holders. After a lengthy period of coin distribution to many new holders, retail, and institution alike, the price has obviously come back down to earth.
The next chapter in this story is long-term holders using their profit to begin accumulating again as we enter a lengthy bear market.
However there is an alternate ending to this story, and if we're on the subject of alternate endings in alternate realities then it's worth speculating about!
The Next Leg Up
If we look at this chart and go back to the 2017/18 bull run I do see a small net accumulation phase in May of 2017 which was pretty much just before the big show was about to start.
Are we seeing something similar now? Has what we've seen so far just been the opening act, with the big show still to come?
In my mind this is the beginning of the end and maybe 35k is the new 9k, but I'll remain slightly optimistic and boy if this is just the opening act, are we in for a treat!
Otherwise best to buckle up bucko, because we no what the alternative is.
How do you think this story ends?
Ciao for now,
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