The Breakdown The Bitcoin Bull Mood (Starts) to Return
May 7, 2024
Exploring the resurgence of bullish sentiment in the Bitcoin market, whale accumulation of bitcoin, changing views of key figures, secure custody practices, recent M2 contraction, positive Bitcoin momentum, analyzing Bitcoin ETFs and blockchain milestones
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Whale Accumulation Signals
- Whales accumulated 47,000 Bitcoin worth $2.9 billion, signaling bullish activity.
- This accumulation is independent of ETF-related flows, suggesting genuine demand from large traders.
Mr. 100 Whale's Bitcoin Buys
- Mr. 100, a whale famous for buying 100 Bitcoin repeatedly, resumed purchases post-halving.
- This wallet, likely Upbit's cold wallet, added 4,100 Bitcoin, indicating retail interest return in South Korea.
Arthur Hayes Bullish Shift
- Arthur Hayes views the recent 12% Bitcoin drawdown as a market cleansing and expects a slow upward grind.
- Fed's slowdown in quantitative tightening and Treasury bond buybacks may act as stealth liquidity additions.