Bitcoin

Bitcoin whales selling to institutions like Grayscale add 7,188 BTC in 24 hours

Bitcoin whales (BTC) appear to be selling to institutions while the supply shortage rises below $ 20,000.

Data from various sources show this Although more BTC returned to the exchanges this week, bulk buyers are still creating more demand than supply can satisfy..

Exchange deposits and grayscale purchases

The statistics of the chain analysis service Coin98 confirmed that the investment giant Grayscale bought twice as much bitcoin as miners could make in November.

Grayscale Bitcoin Purchase vs. Flow in November 2020. Source: Coin98 / Twitter
Bitcoin whales selling to institutions like Grayscale add 7,188 BTC in 24 hours
Bitcoin whales selling to institutions like Grayscale add 7,188 BTC in 24 hours

Together with Square and PayPalwho have favourited the other big companies in need of more and more BTC stocks Grayscale creates a supply imbalance where price gains are the only logical outcome.

This set the stage for December The purchase by Grayscale continues and is worth over 7,000 BTC in just 24 hours;; her Bitcoin’s managed assets now exceed 10.5 billion as of December 4th.

Grayscale 6 Month Bitcoin Buy Chart. Source: Bybt

At the same time, This week, Bitcoin broke all-time highs and challenged $ 20,000 just to meet the tremendous selling pressure.

After lows of USD 18,100 and back to USD 19,000, the BTC / USD appears ready for yet another landmark testbut the sales momentum is still unusual. Still firmly anchored in the sale of $ 20,000 walls, Latecomers and whales looking to get out have reliable buyers in the form of Grayscale and other institutions.

Bitcoin sells walls against BTC / USD on December 4th. Source: TensorCharts

The tests suggest an increase in the influx of whales for exchange this week, which coincided with an attempt to hit $ 20,000. If the sale is already holding prices down, BTC should find its way from the whales into the stronger hands of Grayscale and its customers.

The chart of Bitcoin stocks from 3 year exchanges. Source: CryptoQuant

CNBC: The rich are “charging” Bitcoin

The phenomenon has even caught the attention of the mainstream media.

“The total number of accounts buying more than a million dollars in bitcoin and then taking it off the market has exploded.”reported CNBC Thursday.

“That is 180% more from 2017 to this year. Analysts say high net worth investors load Bitcoin and then save it offline to store it in a slightly safer place. “

Bitcoin addresses on the historical earnings chart. Source: Glass knot/ Twitter

At the same time, The total number of Bitcoin addresses in profit compared to the coins placed in them hit new highs on Friday, according to the latest data from Glassnode.

On Wall StreetMeanwhile Thursday It was announced that Bitcoin and hundreds of altcoins would form new cryptocurrency indices of the SP Dow Jones indices from January 2021.

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