Billionaires Buy Bitcoin

We are seeing an almighty squeeze in the Bitcoin price; there is a tsunami of buying power up against reluctant sellers. These buyers are putting real money behind Bitcoin, not the old dribs and drabs normally seen from retail investors. The world’s billionaires are scrambling aboard, and the numbers prove it.

Bitcoin price surges without the hype

Network traffic back on the rise

Whale dominance drives the price higher

Bitcoin growing over the exchange

Macro developments

With the US election behind us, or at least I think it’s behind us, the markets have gone back to Covid-19, vaccines, and stimulus. The US dollar made a low in early September, which is being challenged as we speak. Looking at the past four years, Bitcoin has tended to perform best when the dollar has fallen (shown inverted).

A weak dollar is a tailwind

A dollar bear market is inevitable

Network Demand Strategy

As you might expect, the market health score remains strong at 6 out of 6. With transaction value rising, and the miners selling at normal levels, all is well. Short-term fees have cooled, which is welcome, as fee spikes have often signalled danger.

Applied data for digital asset investors. ByteTree provides real-time data, fundamentals, technical and deep blockchain market analysis for Bitcoin, and more.

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