Bitcoin Whales Show No Signs of Slowing Down Accumulation
Four Consecutive Green Months for Bitcoin
The last time this occurred was in 2019, emerging from the bear market depths and producing five consecutive green months from February to June. Similarities occur between this bear market and 2019, so hopefully see another green month.
Stablecoin Rotation into Bitcoin Helped Fuel the Leg Up to $29K
In April, we did get one of the worst daily performances from Bitcoin, registering a -5.225%—the worst daily performance since SVB collapse and FTX collapse.
Long-Term Holders Hit All-Time High – Roughly 5 Months After FTX Collapse
BTC monthly returns: (Source: Coinglass) Daily Price: (Source: Glassnode)
Bitcoin Leverage Wiped Clean – Analyzing the 5th Biggest Week in Liquidations YTD
In May 2021, we had the China mining ban, and May 2022 was the start of the collapse of Terra Luna.
Bitcoin is poised to surmount these challenges, yet the intricate and advanced nature of the existing crypto market could prolong its return to stability.