Bitcoin is speculated to have a major bull run this year. But the question remains – who really is heading this rally? When compared to the previous bull market some interesting observations can be seen.
Bitcoin follows who?
Back in 2017, it was whales. Whales led the bull market of 2017, which placed BTC from $990 to $13,400. This year that leader needs to change as the entity which should be leading the bull market needs to be you and me – the retail investors. In the last 7 months, Bitcoin has become a major store of value.
However, in order to become a stable and sustainable currency of the future, it will need increased participation from retail investors. Organic growth is the only way it could last long and become a viable option as a legal tender in the future. And surprisingly such is the case.
Are retail investors participating though?
On exchanges, it can be seen that selling is active in the market. At the moment, whales’ balance is close to its all-time high. Whale addresses possessing 100-10k BTC hold 49.1% of Bitcoin’s supply. This shows that selling from their end is close to none.
Presently addresses with balance come up to 35 million while ZBA is at 838 million. This dominance ruins the potential for any serious growth of the retail section which is crucial to the bull run.