Whales continue to accumulate Bitcoin, but it's no longer a sensation馃暞
Once upon a time, news of whales buying up Bitcoin caused a storm of emotion in the market. Today, it has become commonplace.
We are in a bull market
Based on onchain data, there is about $7 billion of capital flowing into the market on a weekly basis. This is a clear sign of continued growth.
It is important to realize that the current situation is far from a bubble:
A bubble forms when the price significantly exceeds the amount of capital coming in. This is clearly not the case now.
Corrections are possible, but even if Bitcoin falls by 30%, this pullback is likely to be short-lived, followed by growth that will offset the losses.
The chart above shows that the current values of the MVRV indicator (blue) are far from the peak areas of the bubble (neighborhood of 6-8, and now 1.8), as it was in past cycles. We clearly haven't reached the top yet.
The current Bitcoin cycle is far from a peak, and it is too early to talk about a bear market. If someone claims otherwise, perhaps they are just ignoring the onchain data.
There may be corrections, but the long-term outlook remains positive. Whales continue to accumulate and the market is rising.
