Data shows that Bitcoin (BTC) is changing rapidly after dropping to $ 32,000, and only millionaires win.

Glassnode’s portfolio balance sheet statistics as of January 11th show that the main investors who are “buying back” are those with balances in excess of 1,000 BTC ($ 36 million).

The millionaire wallets keep growing
Figures compiled by Elias Seamus, protocol specialist for blockchain infrastructure provider Bison Trails, indicate that the wealthy made money selling bitcoins by smaller investors in December and January.

Seamus concluded, “Headlines over 1,000 BTC continue to grow at everyone else’s expense, even though the recent recession is already starting to take its toll.”

“While you were selling, the whales swallowed Bitcoin …”
While the number of small portfolios decreased as BTC / USD grew from $ 19,000 on December 1 to recent highs of $ 42,000, the 1000 BTC + group became an exception, adding to its presence.

Thus, the net effect of selling weak hands to strong hands is that the richer the work is, the stronger the hands become.

Alistair Millen warned Twitter followers in response to Seamus’ findings: “Don’t get involved in turning #BTC into billionaires, corporations and hedge funds … at least for now.”

Guggenheim suggests that he will sell BT
While institutional buying has become the standard story for bitcoin in recent months, analysts have been drawn to a “weak hands” scam signal from one of them.

As Cointelegraph reported, Guggenheim’s partners, who announced major financing for BTC in late November, are planning to sell some of the assets. The trigger came from Scott Minerd, chief information officer, who said Monday that Bitcoin’s fall this weekend provides an incentive to reconsider its position.

“The growth of the Bitcoin parabola is not sustainable in the short term. It is prone to failure,” he wrote.

The potential technical growth target of $ 35,000 has been exceeded. Time to get some money off the table. ”
His proposal appears to have confused market participants, as the answers to questions about the reasons for this decision came a few weeks after Guggenheim’s first release.

“Chief information officer for a large commercial PTC company? That’s at least 5-10 years,” says total investor Dan Tabiro.

The institutional breakthrough comes amid greater fundamental pressure in the supply and demand for bitcoin, as big buyers are already exceeding what miners can produce each month. At the same time, miners have increased their sales in recent days, which according to theory points to some well-deserved profits at or near record levels.

Source: CoinTelegraph