Okay, folks, listen up! The crypto world was buzzing about Strategy and their enormous Bitcoin holdings, assuming they were secretly steering the ship. But a new report from TD Cowen just threw a bucket of cold water on that theory. Turns out, all that buying power? Not really moving the needle much.
According to the research, Strategy’s purchases typically only account for a measly 3.3% of weekly trading volume. Seriously! Despite accumulating a significant amount of Bitcoin over the past 27 weeks – totaling 8.4% of all trades – the impact on price has been… negligible.
They even had eight weeks where they didn’t buy a single satoshi. Eight weeks of doing absolutely nothing, and the market barely blinked. A few weeks saw huge spikes in their buying activity, exceeding 20%, but those were exceptions, not the rule.
Let’s dive a little deeper into why this matters?
Firstly, market depth is surprisingly robust. Bitcoin’s trading volumes aren’t as easily manipulated as some might think. There’s simply too much action happening.
Secondly, the ‘whale’ narrative often overestimates a single entity’s influence. While Strategy is a major player, the Bitcoin market is incredibly decentralized.
Finally, this stresses the need to not blindly follow whale activity. Focus instead on fundamentals and long-term growth! Don’t let anyone tell you otherwise. It’s a sobering reminder that even the biggest players aren’t calling all the shots – and that’s damn good for the health of this ecosystem.
