Weekly #BTC data observation:
1. In the past week, the smart money addresses for #BTC (wallets with >100 BTC) have continued to accumulate, and we can see that the yellow accumulation value is still steeply rising. This situation has been noted since the 52,000-58,000 range in August-September, and can be referenced in previous data introductions. Currently, it is similar to the accumulation in Q1 2023 and Q4 2023, which led to a magnificent trend.
The recent short-term liquidation pullback is within a normal range, and there was a warning notice this weekend:
The first reason comes from this Thursday's Thanksgiving + Friday's Black Friday, which will lead to some liquidity tightening;
Secondly, there are $9.2 billion worth of BTC options expiring on the last Friday of the month, with the maximum pain point at $78,000;
The third reason comes from Nvidia's Q4 earnings forecast showing slowed growth, and Nvidia's trend is strongly correlated with BTC.
In a bull market, as long as the smart money for BTC is not running away, cleaning up leverage is a great thing for the healthy long-term trend. A short-term pullback is actually a better opportunity, and it is expected that Friday or early December will likely be a good buying opportunity!
2. Looking at the distribution of #BTC chips, it remains very stable and healthy, although it has fallen from a high of 99,750 to 92,550. This has caused some trapped positions, but the trapped chip count is not too high, only 240,000 chips. There are currently 428,000 BTC supporting the strong support area of 92,550—87,000, with a low probability of breaking down.
Strategy: In a BTC bull market, don't be idle, look for resilient varieties, as the strong tend to stay strong. Resilient varieties will rebound even more strongly in the future! Only through filtering can opportunities arise! From current observations and recent surging projects, we can identify two U.S. projects with fully circulating tokens and quality capital: $ZRX $INJ, which are worth paying attention to. ZRX is the 0x protocol, a DEFI underlying aggregator, which is quite impressive; INJ is a project from Stanford alumni, also in DEFI, and both are historical coins with significant potential.
Another strong coin #SOL, as long as it pulls back to the blue support line, it can be a good buying opportunity. It has been proven effective time and again, and should not be missed! The four major public chains in the U.S.: #SOL #SUI #APT #NEAR, remain the main melody for large capital allocation (excluding BTC)!
