Before its recent move above $40,000, Bitcoin (BTC) has been consolidating for a while in the $30K range. While many retail investors remained skeptical over the last few weeks, the BTC whales have been squeezing the supply silently.
As per data on Santiment, Bitcoin ‘millionaire-tier’ addresses holding between 100-10,000 BTC have added a massive 90,000 Bitcoins just within the last 25 days. The Bitcoin holdings of this category of whales have reached a 7-month high taking the total holdings to 9.11 million. These Bitcoin whales hold around 50% of the total Bitcoin supply worth a massive $370 billion.
On the other hand, data from Glassnode shows that Long-Term Holders (LTHs) continue to hold their Bitcoin supplies tightly. These long-term holders include buyers who purchased BTC 155 days before or before January 10, 2021. Thus, the rate of coins maturing during this timeframe has accelerated.
It means that large quantities of the BTC with the long-term holders were purchased in the early bull and remained unspent. The existing rate of maturation i.e. LTHs holding for more than 155 days, has shot up 100% to above $400K/month.
Global Economic Macros Supporting Bitcoin Accumulation
Several hedge funds and billionaire investors are increasingly looking at Bitcoin with respect to the current macro-economic outlook. Recently, billionaire Paul Tudor Jones said that he holds 5% of his portfolio in Bitcoin.
Trending Stories
The billionaire is keen on further increasing his holdings if the Federal Reserve doesn’t act upon the rising inflation and consumer prices. Tudor Jones said:
“If they treat them with nonchalance, I think it’s just a green light to bet heavily on every inflation trade. If they say, ‘We’re on [the] path, things are good,’ then I would just go all in on the inflation trades. I’d probably buy commodities, buy crypto, buy gold.”
Moreover, as per the recent survey from Intertrsut Global, traditional hedge funds are willing to increase their BTC exposure over the next five years. It looks like the confidence for Bitcoin as a hedge asset among traditional investors is brewing up fast.
Intertrust Global surveyed the CFOs of nearly 100 hedge funds of which 98% showed interest in investing 7.2% of the total assets.
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Breaking: Singapore Financial Regulator Reprimands Three Arrows Capital
- Ethereum Exchange Supply Spikes, ETH At A Risk of Correcting to $700 And Below
- Bitcoin Prices Can Reach This Level By End Of 2022; Reveals Deutsche Bank
- NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked
- EU Passes A Bill to Trace the Flow of Bitcoin & Crypto Assets In Regulatory Tightening Measures
- North Korea’s Lazarus Group Behind $100 Million Horizon Hack, Harmony Initiates Global Manhunt
- “People Mocking Saylor Will Regret”- Binance CEO
- Grayscale Initiates A Lawsuit Against the U.S. SEC Over Spot Bitcoin ETF Issues
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?