The second takeaway is that as retail has evolved into “smart money.” There is increasing adoption of a dollar-cost averaging approach or been seen as a perpetual buyer.
Again, taking less than ten bitcoins as retail, they currently hold around 15% of the circulating supply, translating to around 3 million bitcoin.
But, as a cohort, they continue to increase their holdings with very little sell-side pressure.
The data suggests they are the dollar-cost average cohort, and it would be fitting to categorize them as smart money as they continue to grow their bitcoin holdings and not be shaken out by price corrections...
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