- Despite large sell-offs, a certain cohort of investors has continued purchasing BTC, supporting its price movement.
- The bullish sentiment extends across Bitcoin miners and spot traders in the market as well.
Bitcoin [BTC] is beginning to make moves to reclaim the $100,000 region, trading below it at $98,215.61 at press time, following a minor price gain of 0.42% in the past 24 hours.
The rally is expected to extend, potentially taking BTC into the marked zone on the chart, as there’s been a growing bullish sentiment from large cohorts of investors, spot traders, and miners in the market.
Bitcoin redistribution taking place
There’s a current redistribution of Bitcoin in the market. This implies that the group of market participants holding more BTC is shifting.
Currently, the shift has been moving from whales, who hold at least 1% of the circulating BTC supply, to two other cohorts: Shrimp—holding less than 1 BTC—and sharks, who hold between 100–1,000 BTC.
However, sharks are taking the lead.
According to data from Glassnode, Bitcoin sharks currently have a dominance of 20%, meaning they are accumulating more BTC than any other cohort.
With this redistribution, particularly between small and relatively large holders, it suggests growing confidence among these cohorts, who likely see BTC’s dip below $100,000 as a buying opportunity.
A closer look at Bitcoin’s NUPL (Net Unrealized Profit/Loss) confirms this bullish trend.
At the time, the NUPL shows the market is in the “belief” phase, or a bullish
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Author: Olayiwola Dolapo
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