Bitcoin whales have continued accumulating more BTC even when a market correction of nearly $5K created a lot of noise about the further downside. Large Bitcoin whales have continued buying the dip throughout this bull run despite major corrections in the tune of 20% in the past couple of months. The transaction value of the said transfer was well over $1 billion, giving rise to speculation about another possible institutional purchase.
14.6K $BTC flowed out from Coinbase in the last hour.
— CryptoQuant.com (@cryptoquant_com) March 23, 2021
Bitcoin in this bull cycle has observed 5 major dips ranging from 10% to 26%, while analysts believe a drop higher than 30% along with several other factors like rising exchange inflow of BTC and large sell orders by whales would indicate a possible top for Bitcoin. However, as of now, the bull cycle has a lot of steam left and would continue for another leg with a few minor corrections in between.
Coinbase has facilitated many Institutional bitcoin purchases this year including Tesla’s $1.5 billion buy, thus a large BTC outflow of nearly 15K could have come from another publically traded company adding bitcoin to their balance sheet.
Gemini Introduces Frontier to Help Crypto Startups
Cryptocurrency exchange Gemini today also announced a Venture Capital Fund called Gemini Frontier Fund to help budding crypto startups make a mark in the rapidly growing digital asset space.
Introducing the @Gemini Frontier Fund, a strategic venture fund focused on investing in early-stage crypto projects and startups. We're here to support the founders leading the crypto movement with capital and our industry knowledge and expertise. ????????https://t.co/rlUUbPHzpR
— Tyler Winklevoss (@tyler) March 23, 2021
The official announcement for the same read,
The Gemini Frontier Fund is another way for us to help grow our ecosystem alongside the Gemini Opportunity Fund, which supports Bitcoin Core Development. The Gemini Opportunity Fund has already donated $450,000 towards core development since its launch in December 2020, and it will continue to support the Bitcoin Network and developer community going forward.
The announcement about the Frontier Fund comes at a time when the demand for crypto-related services has grown significantly as more mainstream firms are actively looking to incorporate crypto in one form or the other.