Retail Investors Dumping Their Holdings
As Bitcoin’s price soared past $67,000, small-time investors (those holding less than 0.1 BTC) have been selling their coins. This has put pressure on the price, but it’s not necessarily a bad thing.
Historically Bullish
Historically, when small investors sell, it often indicates that larger investors are buying. This redistribution of Bitcoin to stronger hands is a bullish sign for the price.
Bullish Sentiment on the Rise
Despite the selling, bullishness among Bitcoin investors has surged to a 4-month high. This suggests that investors are optimistic about the future of Bitcoin.
Implications for Other Cryptocurrencies
While Bitcoin’s sentiment is bullish, other cryptocurrencies like Ethereum and XRP are still facing bearishness. This indicates that investors are still looking to Bitcoin to lead the market.
Current Price
At the time of writing, Bitcoin is trading at $66,900, up 6.78% in the last week.
