The number of bitcoin whales is increasing again lately. Large investors continue to gravitate towards bitcoin and are pushing the price towards $30,000.
At least this is shown by the figures of Glassnode, a bitcoin-data company. Glassnode qualifies someone as a whale when this person or entity owns at least 1000 bitcoin. On Wednesday this statistic reached a new peak with 1994 whales.
The previous peak was in 1969 and it was reached in 2016. That was some time ago.
It is whale-spawning season for bitcoin
Jehan Chu, co-founder of Hong Kong-based Kenetic Capital, sees large parties rushing ahead because they feel this is their last chance for cheap bitcoin.
By the end of 2021, it may be impossible for these parties to accumulate more than 1000 bitcoin.
The number of bitcoin whales has increased by more than 16% in the past year and even by 7.3% in the past quarter. The bitcoin price increased last year by 300% and in the period from October to December by 160%.
At the time of writing you pay just over $29,000 for a bitcoin. It seems a matter of time before the $30,000 is broken.
Significant increase whales confirmation corporate fomo
The substantial increase in the number of entities with more than 1,000 bitcoin is confirmation of the narrative that business is turning to bitcoin. That 1,000 BTC represents USD 29.3 million at the current price.
This rally is not driven by individuals, but by large corporations in particular.
According to Sumit Gupta, the CEO and co-founder of CoinDCX, this data shows that bitcoin has evolved from a speculative to a serious macro-economic asset.
This shift has been driven in particular by the growing recognition and acceptance of investors and globally operating financial institutions.
Analysts at JPMorgan indicate that the bitcoin purchase by insurer MassMutual is an indication of the mainstream adoption of bitcoin. In time, according to the investment bank, this could also be detrimental to the value of gold.
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