bitcoin is at an inflection point consolidating near the lows below twenty thousand dollars
just above nineteen thousand dollars some people say ten thousand dollar bitcoin is in the cards
there is a lot of support around the thirteen thousand fourteen thousand area yet things look
bleak there is some hope however quietly in the background whales are accumulating bitcoin
wales bought 275 plus bitcoin from exchanges in the last 18 hours
whales are buying 140 000 bitcoin each month directly from exchanges glass node don't believe
me it's right there in the data guys smash the like button comment your thoughts below let's dive
into this data they don't want you to know but thanks to unchained data we can see what whales
are doing as bitcoin crashes data shows whales are buying the dip amid the ongoing crypto crash
on chain data indicates that so-called bitcoin whales have been quietly filling their bags
the leading cryptocurrency i.e bitcoin is currently trading under twenty thousand dollars
down thirty five percent here to date and down as much as seventy one percent from its all-time
high of sixty nine thousand dollars in november of last year during massive sell-offs like this many
investors liquidate their positions this however does not appear to be the case when
it comes to those entities who hold more than 1 000 bitcoin fresh data from into the block
indicates that this demographic the whales have actually continued to accumulate cheap coins
despite the bearish prices this is that data take a look at this orange line and it's important to
note that whales so entities that hold 1000 bitcoin or more they don't just buy all the
time they typically go through accumulation slash distribution cycles often aligned with bitcoin's
market structure when the price dips they buy when there's fomo in the air and everybody's
excited about the price going up sometimes whales sell well at the moment these entities the whales
are adding to their balance aggressively acquiring 140 000 bitcoin per month directly from exchanges
whales are aggressively buying bitcoin now they own 8.69 million of the bitcoin supply about 45
well what about the minnows what about people like you what about people like me well small bitcoin
holders with less than one bitcoin have also been adding to their balance at the most aggressive
rate since march of 2020 the most aggressive rate since the covet dip of 2020. shrimps are
adding at 36.75 000 bitcoin per month which is 0.2 percent of the circulating bitcoin supply
and 1.36 x monthly issuance shrimps now hold 1.2 million bitcoin in total these shrimps are
probably smarter than the average retail investor because they're doing things that smart money
that the whales are doing so really one of the only unanswered questions at this point in time
is has bitcoin bottomed is the 17 000 price point from the other week was that the bottom for
bitcoin and of course bitcoin bottom formations are only obvious and can only truly be called
in hindsight they're not obvious at all while they're forming just because certain patterns
perform well in the past doesn't guarantee it would unfold similarly in the future now we have
discussed whether bitcoin has already bottomed throughout our videos from the past couple weeks
specifically here and specifically here check out these two videos for more thoughts on has bitcoin
bottomed here's the thing i believe in a year from now two years from now three years from now i
believe bitcoin isn't going away and over time as demand increases particularly as the world trends
more digital and people realize how centralized and permissioned all of their things online are
i believe the demand for bitcoin is only going to increase and buying bitcoin at 17 000 20 000 today
will be a good long-term investment that's my personal opinion i mean what other time have we
seen small countries bragging about the bitcoin that they're buying el salvador bought 80 bitcoin
at 19 000 each today bitcoin is the future says their leader thanks for selling cheap
now you might say that 80 bitcoin actually isn't all that much for a small country and buying 80
bitcoin isn't going to affect the market price of bitcoin at all i understand that i agree with that
but more important is the narrative because you better believe that all eyes from global leaders
and countries are on nahib buchelli in el salvador the imf is watching this russia is watching this
china is watching this america is watching this they're seeing el salvador by 80 bitcoin
and they're thinking huh we don't have 80 bitcoin maybe we should get some potentially
now let's talk about ethereum i'm bullish on bitcoin for a certain set of reasons
i'm bullish on ethereum and other cryptos for almost an entirely different set of reasons as
you know nfts will be launching on instagram and will be launching on facebook this is what
it's going to look like this is an ethereum address how could you not be bullish facebook
has billions and billions and billions of users not to mention ethereum from a tokenomics aspect
update over 2.5 million each have now been burned since eip 1559 went live this is supply taken
off the market forever that's over 2.5 billion dollars burned forever and if you're bullish on
micro strategy and michael saylor buying all the bitcoin if you think that's bullish
for the price of bitcoin if you're bullish on el salvador buying bitcoin those things are bullish
for bitcoin do take supply off the market well eip 1559 and the burn mechanism takes
more ethereum off the market for eth so if you believe in supply and demand which is a universal
truth how could you not be bullish and by the way the merge is coming up and will only be better for
those supply and demand scarcity tokenomics quick update on ethereum's path to the merge
two milestones are checked off devnets and robsten testnet coming up this coming week sepolia
test net then gueroli testnet and then ethereum mainnet the merge will be here the merge is coming
this year the only question is when well currently the merge is scheduled for mid to late september
important to note that scheduling is done via block numbers thus it can fluctuate due to hash
power changes but it seems very likely ethereum will transition to proof of stake this year and
by the way ethereum was for the rich in the bull market well ethereum can be for everybody in bear
markets i say this because ethereum average gas fees have fallen to 1.57 the lowest since 2020. so
if you use the ethereum ecosystem now might be a good time and for the next couple months to
get your ethereum transactions in and speaking of layer two because layer twos are being built
out and integrated and adopted like crazy this is big news consensus partners with starkwear
starkware is a rollup l2 solution that does not have a token at this point they use zero
knowledge roll-ups and zero knowledge roll-ups are being increasingly integrated into the ethereum
network in general what you need to know is this this is why it matters to you consensus
and starkware have entered into a partnership consensus is really the company the entity the
dao behind infira and behind metamask meaning that metamask the most popular hot wallet i would say
is integrating starknet allowing developers and users to build and explore layer 2 options so
metamask might get a whole lot cheaper in the future starknet is expected to help ethereum
reach a throughput of 100 000 transactions per second so give me your thoughts on the
state of the market i want to remind you the people who made the most money in 2021
were not the people who came in in 2021 they made good money but the people who made the most money
were the people who stuck with bitcoin and crypto in 2018 2019 and 2020 and that's where
we are right now i think one of the best things you can do is just invest in yourself and invest
in your education really dive into this become a nerd about it historically speaking crypto
nerds have made a lot of money my name is aaron at alt coin daily see you tomorrow my friends