“The market” sounds like a single creature with moods. In reality it is a crowd — millions of people and programs, each with different wallets, deadlines and temperaments. Here are the main characters.
The miners keep the lights on
Miners secure the network and earn new coins for it. They have electricity bills to pay, so some of those earnings are sold regularly — a steady, predictable supply of selling that the market has long since learned to absorb.
The holders set the floor
Long-term holders — people who buy and simply sit still for years — own a remarkable share of all Bitcoin. Every coin they refuse to sell is a coin that cannot hit the order book, which is why supply shocks tend to surprise newcomers.
“Price is a conversation between impatient sellers and patient buyers. Guess which side usually wins.”
The desks add the weather
Trading firms and funds move size quickly, which creates the gusts — sudden spikes and dips that dominate headlines. Most gusts fade within days. The underlying current, set by adoption and scarcity, moves far more slowly.
And then there is you
Newcomers arrive in waves, usually near headlines, and often buy the top of a gust. There is nothing wrong with starting there — almost everyone does. The trick is to start small, learn the rhythm of the crowd, and let time turn you from weather into current.
Daniel Okafor
Director — watches order flow so you don't have to.