Just 5% Of All Bitcoins In Circulation Have Traded In The Past Year

zerohedge2021-07-13

In JPMorgan's latest weekly bitcoin hit piece (because for some "inexplicable" reason, JPMorgan executive have instructed most of the bank's strategists, including those covering equity and rates, to ...

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Comments

Kukudosmin
2021-07-13
Kukudosmin
Ok
jk0726
2021-07-13
jk0726
??
jenx
2021-07-13
jenx
Sick brahh
NgKenny
2021-07-13
NgKenny
Nice
- henry0leu:
  nice
PatchG
2021-07-13
PatchG
Whales/ Holders waiting for surge
- Tw0d3MooN:
  [财迷]
Winggg
2021-07-13
Winggg
Yes!!!

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Discussing the daily trading volumes of bitcoin, JPM notes that a large fraction of Bitcoin are locked up in illiquid entities (liquidity sinks),\"with more than 90% not changing hands in more than a year\" while roughly 80% - and rising - are held by wallets with light turnover.  This means that a paltry 5-10% of all bitcoin in circulation has traded in the past year.\n\nAnother way of putting it:an asset with a $600 billion market cap has a float of just $30 billion.Which is remarkable as it means thatno whalessold bitcoin when it hit its all time high of $65,000.And if they didn't sell then, they certainly won't sell now when it's half that price.\nThis, more than anything else, explains why bitcoin - an asset whose market cap was more than a $1 trillion as recently as April - is so extremely volatile: with the vast majority of bitcoin locked up or held by whale accounts who rarely if ever trade, the marginal price setter of bitcoin are odd lots - a burst of trading in fractions of a bitcoin, where the momentum in many cases is ignited and magnified by HFTs who then shape the movement of the crypto in hopes of hitting the max pain stop loss positions for other cryptos, and where as a result of such a unique trading environment, the price of bitcoin can swing 10%, 15% , or even 20% or more every day.\nThe question we have is during liquidation pukes like the one observed recently, how much of the newly released bitcoin are gobbled up by existing or new whales. Judging by the gray line in the chart above, the answer is a record amount.\nWhich means that we are now in the\"weak hands\" shake out and whale accumulationphase. And once the new generation of whales has bought enough, that's when the next squeeze higher will take place, sending the crypto currency and its peers to fresh all time highs. Because if there is one thing that is very easy to do with an asset whose float is as low as bitcoin's, it is to manipulate it as a handful of big players want.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":142240754,"gmtCreate":1626156012478,"gmtModify":1703754468053,"author":{"id":"4087297462574060","authorId":"4087297462574060","name":"Kukudosmin","avatar":"https://static.tigerbbs.com/fe82a55d4d107e643c3d79336bd97bb3","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"4087297462574060","idStr":"4087297462574060"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142240754","repostId":1161408787,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":142265066,"gmtCreate":1626154035255,"gmtModify":1703754432049,"author":{"id":"4087884674407470","authorId":"4087884674407470","name":"jk0726","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"4087884674407470","idStr":"4087884674407470"},"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142265066","repostId":1161408787,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":142269055,"gmtCreate":1626153425877,"gmtModify":1703754426512,"author":{"id":"3587023056098177","authorId":"3587023056098177","name":"jenx","avatar":"https://static.tigerbbs.com/422c2ebfc14a61dc15dd098a40cd6a5e","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3587023056098177","idStr":"3587023056098177"},"htmlText":"Sick brahh","listText":"Sick brahh","text":"Sick 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waiting for surge&nbsp;","listText":"Whales/&nbsp;Holders waiting for surge&nbsp;","text":"Whales/ Holders waiting for surge","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/142213088","repostId":1161408787,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5204318,"gmtCreate":1626155740816,"gmtModify":1635230528791,"authorId":3581684923109887,"author":{"id":3581684923109887,"idStr":"3581684923109887","authorId":3581684923109887,"name":"Tw0d3MooN","avatar":"https://static.tigerbbs.com/1792a6da317090d0d10ea17a99f1dfa1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":142213088,"type":1,"supId":0,"prevId":0,"content":"[财迷]","text":"[财迷]","html":"[财迷]"}],"langContent":"EN"},{"id":142235042,"gmtCreate":1626151658486,"gmtModify":1703754389444,"author":{"id":"3567464873872520","authorId":"3567464873872520","name":"Winggg","avatar":"https://static.tigerbbs.com/bb11ae1d09ed1b2b766309f8126e45ed","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3567464873872520","idStr":"3567464873872520"},"htmlText":"Yes!!!","listText":"Yes!!!","text":"Yes!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142235042","repostId":1161408787,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":116,"commentSize":17,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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