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Home Markets Cryptos

12.6% of Bitcoin supply moved at prices above $30,000

Olumide Adesina by Olumide Adesina
January 27, 2021
in Cryptos, Spotlight
94% of Bitcoin investors are making money, Bitcoin, Bitcoin running out of steam
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It’s now becoming certain that a significant number of investors are grabbing flagship crypto asset, Bitcoin, for wealth gains, as about 12.6% of Bitcoin supply is held by investors who bought at over a $30,000 price tag.

  • Data retrieved from Glassnode reveals 12.6% of the Bitcoin supply (2.3 million BTC) was moved at prices above $30,000.
  • This is substantial, given that $BTC crossed $30k just this year. It suggests that investors are injecting capital, and therefore confidence in further price appreciation.

READ: 273,000 Bitcoins taken away from crypto market within a month

12.6% of the #Bitcoin supply (2.3M BTC) was moved at prices above $30,000 USD.

This is substantial, given that $BTC crossed $30k just this year. It suggests investors are injecting capital, and therefore confidence in further price appreciation.

Chart: https://t.co/Q0OZye5SIk pic.twitter.com/mUFA2cRtPw

— glassnode (@glassnode) January 25, 2021

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Also, the number of addresses holding 1,000 BTC just reached a new all-time high of 2,446.

What this means: Over the last 21 days, 141 new whale addresses with over 1,000 BTC were created, suggesting large entities are expecting a significant price rise for Bitcoin in the near future.

  • The total amount of capital inflows into Bitcoin in the past 30 days (as estimated by the realized cap), is as high as the whole $BTC market cap in Sept 2017 and early 2019 at $70 billion USD.
    Bitcoin is seeing the largest depletion of liquidity in years.
  • Not only are funds being withdrawn from exchanges, but coins are continuously moving to strong hands.
  • In the past 30 days, around 270,000 BTC moved to entities considered HODLers.

READ: Crypto traders suffer heavy losses of $639 million within a day

At press time, Bitcoin traded at $32,208.24 with a daily trading volume of $58.9 billion. It is down 0.50% for the day.

It has a circulating supply of 18,611,475 BTC coins and a max. supply of 21,000,000 BTC coins.

Chainalysis found that although retail traders are responsible for 96% of transactions, professionals move the bulk of the volume.

READ: Why Ethereum is becoming more attractive than Bitcoin

“Retail traders, whom we categorize as those who deposit less than $10,000 USD worth of Bitcoin on exchanges at a time, appear to be the large majority, accounting for 96% of all transfers sent to exchanges on an average weekly basis.

“Professional traders, however, control the liquidity of the market, accounting for 85% of all the USD value of Bitcoin value sent to exchanges,” it said.

READ: 94% of Bitcoin investors are making money

The report continued by stating:

“Bitcoin moving from the investment bucket (or potentially even the lost bucket if the earliest adopters still have their private keys) into the trading bucket could become a crucial source of liquidity.

“However, one would expect this will only happen if Bitcoin’s price rises to a level at which long-term investors are willing to sell.”


Follow us for Breaking News and Market Intelligence.
Tags: BitcoinBusiness NewsChainalysiscryptoCryptocurrencyCryptocurrency NewsGlassnode
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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