Buy $GGsOn-Chain Bitcoin [BTC] Trends Suggest That Whales Are On A Stacking Spree
Store of Value
Velocity of total supply and of one-year active supply (i.e. the supply that has been transacted at least once within the last year) of bitcoin has reached lows not seen since 2011. Folks don’t want to part with their bitcoin.
The number of addresses holding more than 1 and 1000 BTC has also reached a new All-Time High (ATH). This is positive from a both retail and institutional perspective. Prominent trader, Filbfilb (alias) tweeted,
The number of addresses with >1 BTC (retail) and the number with >1000 BTC (HNWI / Institutions) has hit all-time highs, at a time when the number of BTC being held on-exchange is reaching new local lows and the inflation rate has recently been halved.
Notably, the time after the asset prices crash during mid-march due to coronavirus crisis saw a considerable increase in the number of addresses above 1000 BTC. This suggests positive buying action by “whales.”
Miners’ Confidence
The first entities to be affected by the halving are miners as their rewards are reduced in half. However, the miners are continually adding to the network, strengthening the long-term value proposition. On the supply side, the total hash rate and difficulty are at new highs. There was a brief drop in hash rates post halving, from which the network has now fully recovered.
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