Silicon Valley and 'smart money' are behind this Bitcoin rally, data suggests

Bitcoin is continuing to show strong momentum even after a major rally.

This time, the Google Trends interest is relatively low for the keyword "Bitcoin" while on-chain data shows smart money is accumulating BTC.High-net-worth investors are buying Bitcoin.

According to on-chain analyst Willy Woo, it has been mostly high-net-worth investors who have been purchasing Bitcoin.

"Who has been buying this rally? It's smart money... High Net Worth Individuals. You can see the average transaction value between investors taking a big jump upwards. OTC desks are seeing this too. Bitcoin is still in it's stealth phase of its bull run."

The trend of whales frontrunning retail investors is optimistic because it shows Bitcoin is still in its nascent bull phase.

Whales consistently buying Bitcoin over the past few months is optimistic in itself.

If the number of addresses containing large amounts of Bitcoin increases, analysts consider it as an overall spike in new whales.

The rise in more high-net-worth individuals accumulating Bitcoin coincides with the start of the recent institutional frenzy around BTC. Following Square's BTC purchase worth $50 million, the number of high-net-worth investors in the Bitcoin market noticeably increased.

"Best of all we are not just seeing smart money flow in, it's NEW smart money. Orange line is the rate of new investors coming in per hour previously unseen before on the blockchain. It's seriously bullish."Google Trends data shows relatively low retail interest.

San Jose/San Francisco in California i.e. Silicon Valley is ranked as the top metro region for Bitcoin interest.