**Hail of Bitcoin Buying Continues as Selling Slows Down**
Last Friday, there was a significant amount of selling from the Grayscale Bitcoin Trust (GBTC), with $608 million worth of Bitcoin (BTC) sold. However, this did not have a major impact on the price of BTC, as Black Rock’s IBIT fund bought $680 million worth of the cryptocurrency. Over the weekend, the BTC price remained stable, and on Sunday, it broke out of its triangle pattern and started increasing once again. With the current trading price of around $65,000, BTC could potentially reach an all-time high by the end of the week.
Despite the large selling day from Grayscale, which has been responsible for a substantial amount of BTC leaving the market daily, the net inflows were significantly reduced on Friday. However, it is expected that the selling from the Digital Currency Group (DCG), which accounts for a significant portion of the Grayscale outflows, will soon come to an end. Once this happens, the market could see a return to the massive daily inflows observed before.
**”Mr. 100″ Pauses Buying**
One notable aspect of the current market activity is the pause in buying from an entity known as “Mr. 100.” This wallet address has been consistently purchasing large amounts of BTC every day, close to 100 BTC per transaction. However, on Friday, it did not make its usual purchases, marking the first day since November 2022 without any buying activity. The accumulation of 300 BTC per day has led to a total holding of around $3 billion, potentially making Mr. 100 one of the top 10 bitcoin whales.
There is much speculation regarding the identity of Mr. 100, with some suggesting that it could be a nation-state or a sovereign wealth fund. The majority of the buying activity from this wallet occurs during the Asian session, leading to speculation about one of the major Asian exchanges being behind it. However, Michael Saylor has mentioned that even the buying activity of just 10 billionaires could significantly impact the price of BTC.
**Retail Absence in the Crypto Market**
While institutional investors continue to drive the market with their buying activity, retail investors have been largely absent. Misinformation spread by figures like Jamie Dimon and banks in the mainstream media has deterred retail investors from entering the market. It is expected that retail investors will return at the peak of the market, allowing institutions to sell their holdings to them and repeat the cycle. Additionally, the UK government, with the help of banks, has limited its citizens’ access to exchanges where they can buy BTC.
It is essential for individuals to educate themselves about BTC and the true nature of the monetary system while they still have the opportunity to do so.
**Hot Take: Continued Bitcoin Buying and Potential Price Surge**
The recent wave of Bitcoin buying shows no signs of slowing down. With the selling from the Grayscale Bitcoin Trust decreasing and the potential exhaustion of the Digital Currency Group’s selling activity, the market could see a return to the massive daily inflows observed before. Additionally, the pause in buying activity from “Mr. 100” raises questions about the identity and motives behind these significant transactions.
While retail investors have been largely absent from the market, institutions continue to dominate. The spread of misinformation and restrictive regulations have hindered retail participation. However, it is expected that retail investors will return at the peak of the market, allowing institutions to profit from their investments.
Overall, the market is witnessing a surge in Bitcoin buying, which could potentially drive the price of BTC to new all-time highs. It is crucial for individuals to educate themselves about BTC and its implications for the monetary system.
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