Bittime - The Bitcoin market is characterized by mixed sentiments among investors. This can be clearly seen from therecent movement of Bitcoin (BTC) ownership, where the leading crypto coin has actually changed hands to bigger players.
Data from on-chain analytics company Glassnode shows that Bitcoin “whales,” as entities holding 1,000 BTC or more, are “intensely accumulating” BTC at current prices. This trend indicates that these big players see an opportunity to buy Bitcoin at any price.
On the other hand, smaller market participants appear to be reducing their holdings.
Investors Split Views on Bitcoin (BTC/IDR) Rise
The latest on-chain data seems to confirm that there are significant differences in views among Bitcoin investors regarding the ongoing price rally. Glassnode's analysis of changes in net holdings for various groups of BTC hodlers shows clear differences between investors with large and small allocations.
The findings were uploaded to the Twitter platform by the account of renowned Bitcoin analyst Munger this week. "What you observe in nature is very similar to what you observe in the market," he argued in the post.
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Whales and Sharks Aggressively Accumulate Bitcoin, Preparing to Buy BTC/IDR
According to Glassnode, both Bitcoin whales and sharks (entities holding between 100 BTC and 1,000 BTC) are working hard to accumulate coins. Based on flows between whale wallets and crypto exchanges, as of March 17, whales were recorded as holding around 84,000 more BTC than 30 days earlier.
This aggressive accumulation movement is in stark contrast to the behavior of Bitcoin investors who are classified as "fish" - those who hold between 10 BTC and 100 BTC. This group is actually seen distributing their asset ownership throughout this month.
For Bitcoin Munger, the conclusion is clear. "Dumb money sells, smart money buys" (dumb investors sell, smart investors buy) seems to be the right proverb to describe the current situation. Retail investors who tend to be less experienced appear to be releasing their holdings, while institutional investors and other large players are seeing opportunities to increase their Bitcoin holdings.
Bitcoin Price BTC/IDR Today
Source: Bittime.com
On March 19 2024, the price of Bitcoin BTC/IDR was at IDR 1,017,807,035 per coin, down 5.36% in 24 hours.
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Although accumulation by institutions continues, true price discovery only occurred for a short period of time this month. However, comparing the current price cycle with history, Munger's Bitcoin remains calm.
"Relative to historical cycles, the fun hasn't even begun yet," he argued. "The regret from last cycle was generally selling too late. The regret from this cycle is selling too early. This time is different."
Bitcoin Munger's statement certainly sparked debate. Some analysts may agree that the upward trend in Bitcoin prices is still continuing, while others may be more cautious considering the high volatility of the crypto asset .
For investors just looking to dive into the world of Bitcoin, it is important to conduct careful research and understand the risks involved before purchasing. Massive accumulation moves by senior crypto players could be a positive signal, but are not a guarantee that Bitcoin prices will continue to rise. Managing expectations and implementing an investment strategy that suits each investor's risk profile is very important.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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