The world’s attention seems to have shifted to the crypto-verse now, as recent reports have shown how Bitcoin whales grew at a record pace.
Data retrieved from Glassnode, a popular crypto analytic company, reported that the number of Bitcoin whales (entities holding ≥ 1K BTC) has been on an upward trend for the past months.
Explore Data on the Nairametrics Research Website
The number of #Bitcoin whales (entities holding ≥ 1K BTC) has been on an upwards trend for the past months.
An indication that more high-net-worth individuals are entering the space to invest in Bitcoin in expectation of $BTC price appreciation.
Chart: https://t.co/wR2aZoj06y pic.twitter.com/yxtcNqrqrq
— glassnode (@glassnode) October 9, 2020
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At the time of writing, Bitcoin traded above $11,200 with a daily volume of $19,464,300,821. BTC price is up 2.0% in the last 24 hours. It now has a circulating supply of 19 million coins and a max supply of 21 million coins.
An indication that more high-net-worth individuals are entering the space to invest in Bitcoin in expectation of $BTC price appreciation.
However, what seems, surprising is how these whales cluster and their hold on the world’s flagship crypto have grown stronger than ever
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After weeks of ranging around the critical $10,000 support price levels, Bitcoin, a few days ago breached above $11,200 strong resistance level, and as such, these Whales have increased their buying pressure by accumulating additional bitcoins at an alarming rate.
What this means; Whales could be anticipating a strong medium to long-term Bitcoin price trend, and are choosing to hold on to BTC in expectation of a bull market.
Much of the recent increase can be attributed to wealthy entities withdrawing their BTC from the exchange. Apparently, this is not new wealth – rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.
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From a macro level, this increase in the number of BTC whales can be considered bullish.
Nairametrics also believes the increased buying pressures by notable institutional brands is partly responsible for the non-dilutable crypto recent highs.
Backstory; Recall, Nairametrics, a few days ago broke the news of Square Inc. (NYSE: SQ) led by renowned Twitter’s Jack Dorsey on October 8th, disclosing that it purchased 4,709 bitcoins at an estimated worth of $50 million.
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Square added it invested in cryptos because it saw it as a tool for economic enhancement via participation in the future of payment systems, which aligns with Square’s objectives.
The investment represents approximately one percent of Square’s total assets as of the end of the second quarter of 2020.