Update on exchanges:
7700 off the exchange last 24 hours
110,000 #bitcoin off in 30 days
14 Aug-14 Sept 2024
https://www.coinglass.com/Balance
Reference posted
As much as I like this kind of data, & my friend James Check is excellent with it, it’s meaningless without more context
How does that compare to last year? Or the year before? Or last month?
I believe it’s the trend that helps us garner the most intelligence.
(Yes I’ll click on the link & probs get all that info now!… thanks for sparking the conversation!)
Large buying and self custody traditionally happens when prices are flat to lower
This is a sign of large buyers buying over the counter in blocks
What happens in a bull run typically, these buyers will start to slowly unload them on the market over many months on an exchange with an order book
Say it starts at 60k
They’ll wait for retail who just wants to smash buy
60,500 ask = retail bid/buy
62,000 ask = retail smash buy
And so on until they’re out of gas…
I’m from 2017 February, learned this as went from 200 to 20,000 USD within the year
With a decently slow July/august… then bang!
This is a sign of a repeated attempt at massive % gains
So this is large chunks being picked up, in expectation of a surge in price
That will be unloaded when retail turns up? The smart money you might say
Interesting thanks
