While the Bitcoin (BTC) price continues to oscillate around $33,500 levels, there’s a fresh influx of new users as well as a surge in whale activity. As per the recent development, a Bitcoin (BTC) whale currently transferred ~15,000 Bitcoin’s worth half-a-billion dollars from Coinbase to cold storage.
This clearly indicates that institutional purchases in Bitcoin continue with time. The first month of 2021 has been historic for BTC investors as Bitcoin (BTC) surged past $41,500 levels to hit its new all-time high. Apart from that, Bitcoin continued getting solid endorsements from industry giants like Ray Dalio, Mark Cuban and Elon Musk.
Although the institutional purchases might have slowed a bit, Grayscale was crusading its way to buy more and more Bitcoins. In January 2021, Grayscale purchased over 40,000 Bitcoins worth a massive $1.36 billion, as per data on Bybt.com.
On the other hand, since buyers have been continuously moving their Bitcoins off exchanges, the Bitcoin supply at exchanges has reached a two-year low.
Citing data from CryptoQuant, popular crypto analyst Alex Saunders notes:
“This selling (of BTC) feels relentless but in the past 24 hours exchange deposits slowed (to literally zero at one point). With HODLers staying strong & $5B of #stablecoins on exchanges waiting to buy the bottom. The data suggests the worst is now behind us”.
After all the drama that happened around the GameStop stock last week on Wall Street, we can possibly see the same ahead for Bitcoin as well. The latest data reveals that hedge funds are twice as short on Bitcoin futures that their long positions.
However, on the other hand, if we see, the r/Bitcoin Reddit community has seen phenomenal growth soon after the GameStop event. The total number of Redditers on the Bitcoin community has surged to 4x from the peak of 2017, with a major user-influx coming just last week.
Interestingly, analyst Joseph Young points out that after Elon Musk changing his Twitter bio to #bitcoin, there were massive deposits at exchanges. Big players resolved to profit-booking soon after Bitcoin shot 20% in minutes moving past $38,000.
However, the analyst notes that the profit-booking has cooled down for now and again BTC outflows from Coinbase have picked up the pace. $33,000 shall stand as good support for now.
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