Part 1 Advanced The Market Maker’s Exchange Checklist (Liquidity, Latency, and Risk Controls) Market makers and HFT desks: evaluate exchanges on execution quality, liquidity, latency, fees, margin, and security — with a WhiteBIT walkthrough. Open guide Bitcoin bull run traced to ‘smart money’ as 40% of total supply held for over three years
The open secret to Bitcoin's success may be that that up to 40% of its supply has been locked down by 'smart money.'
Quick Take
The onset of the massive Bitcoin bull run can be traced back to September 2020, a period marked by significant price accumulation followed by a monumental ascent from $10k to $60k. The data uncovers notable trends within the Bitcoin supply dynamics. Particularly, the supply that has been held for over three years has reached an unprecedented pinnacle, accounting for a substantial 40% of the total supply.
This is suggestive of a parabolic run, which is often indicative of movements by the so-called “smart money.” These long-term holders, seemingly equipped with foresight, may have anticipated the global expansion of central bank balance sheets, stimulus measures, and the implications of COVID-19 lockdowns on asset prices.


















