Bitcoin

Wall Street starts harassing Bitcoin

Institutions buy large amounts of Bitcoin (BTC) by making an effort, not sellingas shown by data mimicking early 2016.

Data from various sources uploaded to social media this week shows this More than 40% of Bitcoin supply hasn’t left the wallet in two years.

Institutional demand for BTC far exceeds supply

At the same time, Institutional sources are buying huge amounts of BTC, which is increasingly emerging as preparation for a long-term investment strategy.

Wall Street starts harassing Bitcoin
Wall Street starts harassing Bitcoin

“In the last two weeks … – …Grayscale added 14,422 BTC to $ GBTC. – Microstrategy bought 21,454 BTC. – Bitcoin miners have mined 12,594 BTC, “summarized the analyst Kevin Rooke.

The future of institutions and today’s love for Bitcoin hit the headlines this week thanks to MicroStrategywho made the largest cryptocurrency their new treasure reserve. The purchase of 21,454 BTC cost $ 250 million.

Grasycale has now returned to Bitcoin purchases after a temporary moratorium. The company already owns a large number of coins and Cointelegraph reports this is on track to maintain 3.4% of total supply through 2021 as its AUM recently exceeded $ 5 billion.

In recent weeks Miners have contributed fewer coins to supply than even the demand from these two institutional actors. With the introduction of the “new” BTC per block set and down 50% in the May halving, price increases were almost guaranteed.

The fixed offer, the modification of which requires the consensus of the minerswhat would probably impoverish all participants in the network, is a key feature of Bitcoin that has enabled it to maintain its status as a digitally hard cash.

Bitcoin Buying From Grayscale And MicroStrategy Vs.

Buy grayscale and MicroStrategy bitcoin compared to the offer. Source: Kevin Rooke / Twitter

“Nobody wants to make a profit”

Other numbers confirm the idea that BTC / USD may have hit its highest level in more than a yearInvestors are in no mood to sell.

Instead, A long-term investment strategy seems to be already in play. Almost half of the available offer remains inpatient for at least two years.

“The last time this delivery volume accumulated and stored in Bitcoin was in January 2016.”, commented Charles Edwards from Digital Asset Manager Capriole, adding:

“Despite the recent price increases, nobody wants to make a profit. Demand is increasing and supply is shrinking. “

Bitcoin Hodl wave diagram with inpatient care

Bitcoin Hodl wave diagram with inpatient care. Source: Charles Edwards / Glassnode

At that point, Bitcoin was nearly two years away from its current all-time high of $ 20,000..

As Cointelegraph reported, Comparisons with 2016 also came from statistician Willy Woo this week;; Woo argued that Bitcoin was now in an “early growth phase” similar to the fourth quarter of this year..

Tyler WinklevossFor his part, told his Twitter followers that Hedged against fiat inflation with Bitcoin.

“Big money inflation is at hand. Arm yourself with Bitcoin”he wrote Wednesday.

Similar Posts