The number of entities owning at least a million-dollar worth of Bitcoin has just reached 94,000 amid the recent high volatility in play in the market, as some institutional investors adjust their portfolios.
The steep increase in mid-December marks the point when BTC crossed $20,000 – making all early miner addresses (50 BTC rewards) millionaire addresses.
ATH: There are now more 94,000 #Bitcoin addresses holding at least $1 million worth of $BTC.
The steep increase in mid December marks the point when BTC crossed $20,000 – making all early miner addresses (50 BTC rewards) millionaire addresses.
Chart: https://t.co/mPKrRIVWmo pic.twitter.com/lfoC99MSqb
— glassnode (@glassnode) February 17, 2021
The odds are in favor of those owning the most in the popular crypto market, as rich investors in recent weeks have increased their pace in buying Bitcoin.
These are catalyzed by the rush which includes crypto traders and investors trying to have a stake in this fast-changing crypto asset.
READ: Bitcoin blows past $50,000
Bitcoin, at the time of drafting this report, traded at $51,938.43 with a daily trading volume of $81.5 Billion. It is up 5.05% for the day.
Nairametrics believes the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto’s recent highs. While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
There is no doubt, 2021 continues to shape up as a very exciting year for Bitcoin.
The flagship crypto has gotten more credibility in recent days from blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon showing support for Bitcoin. Mastercard had earlier disclosed it would open up its network to some cryptocurrencies including Bitcoin.
READ: $70 billion lost in Crypto market amid rising U.S dollar
PayPal and the world’s largest asset fund manager BlackRock have also made big moves to support crypto.
Investments from Square, Paul Tudor Jones, MassMutual, and SkyBridge Capital are further indisputable evidence of big money investors in the flagship crypto market.
Also, Bitcoin buyers right now are extremely strong HOLDers, meaning though Bitcoin seems to be heading towards consolidation after breaching the $52,000 price level, however, crypto experts anticipate Bitcoin is still in a bull cycle
In addition, the previous Bitcoin bull markets are characterized by fingerprints of increased miner outflows of $BTC that had been acquired throughout prior years.
Even though we’re seeing slightly higher outflows of older BTC, this same pattern has not emerged in the current bull market.
Trading volume on CME also crossed the $5 billion mark for the first time.
READ: Twitter considers paying its staff in Bitcoin
Record day: Trading volume on CME crossed the $5 billion mark for the first time.#Bitcoin
Chart: https://t.co/ctKSNdFRY8 pic.twitter.com/0ugz6tee6X
— glassnode (@glassnode) February 17, 2021
