Earlier in the day, Keith McCullough, head of Hedgeye Risk Management, posted a Twitter post about long-term investments in the veil of Bitcoin’s massive recent rise.
Long-term investors who feel this rise in Bitcoin can be seen in the analysis made by the president that they previously focused on BTC purchases.
When Did the Whales Take Action?
When we look carefully at McCullough’s post, the date of October 12 stands out. On this date, BTC’s 24-hour volume nearly doubles. The fact that it increased from $ 37 billion to $ 64 billion during the day seems to be a harbinger of the November and December rises in the following months. In addition, the head of the company stated that he sold his Bitcoin assets in the previous month, September, and they recovered the assets again after criticism.
When the company sold its Bitcoin assets, it was hovering in the $ 10,300 band of the asset. Although not even a week has passed since the sale, BTC exceeded the level of $ 11,000. It reached $ 13,000 a month later, but by then the company had recovered its assets.
In the sum of all these data, the company’s own experience and observations show that October 12 marks a breakthrough for Bitcoin. Feeling the future of the bull rally, long-term investors seem to have started to increase their BTC assets since then. While its total value in the market was around 210 billion dollars on 12 October, it reached up to 250 billion dollars at the end of the month.
Another breaking point is the date of October 30th. Unlike normal days, there is almost 2 times the volume. At that time, BTC was finding buyers at $ 13,500. They were actually aware that we will witness the increase of BTC in the months following these activities of the whales and they started their investments in advance. Similarly, there are similar developments in mid-November and continue.