Happy Friday, Blockfolians
It’s been a rough week for crypto. We know this. We see this. We feel it in our Blockfolios.
However, there is some good news. A number of different data sources suggest that whales and institutions - the actors seen as primarily driving this bull run - are still accumulating.
The number of addresses with >1000 BTC continues to rise.
What’s more, data suggests that a higher than normal ratio of transactions are being done over the counter, the preferred method for bigger players.
And then of course, there are the big players who are just straight up telling us they’re still accumulating.
All in all, this feels like nothing more than a roadbump.
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A Really Big Number We Should Be Paying Attention To
5% of $731M
That’s the percent that Jim Cramer told the Powerball winner to put into bitcoin