Whales “massively” buy Bitcoin, pushing BTC accumulation to 2021 highs

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2021-11-03 21:16:03

Bitcoin whales and large investors with ample capital seem to be actively buying Bitcoin (BTC) again with fears of an out-of-control inflation.

Whales “massively” buy Bitcoin, pushing BTC accumulation to 2021 highs

According to a market intelligence report by blockchain analytics firm Chainalysis, large investors, holding at least 1,000 BTC, briefly amassed 142,000 BTC last week, bringing the cumulative total to nearly 200,000 BTC, this is the peak in 2021. The latest buying action is Bitcoin’s primary use case, coming amid rising inflation globally.

The amount of Bitcoin the whales hold.  Source: Chainalysis
The amount of Bitcoin the whales hold. Source: Chainalysis

The sudden increase in the accumulation process is a confirmation of the solid view that Bitcoin is considered digital gold. Perhaps institutions are making a more long-term trade on the BTC price.

– See more: The World’s Largest Bitcoin Whales Are Going “Extinct” – What’s the Sign?

At the same time, according to new data from analytics firm Glassnode, exchange BTC reserves are currently at a three-year low on exchanges. Exchanges currently control 2.47 million BTC.

In the same vein, analysts at JPMorgan have suggested that the bull cycle is largely due to the perception that Bitcoin is the best current hedge against inflation. Based on BTC mining halvings, programmed to reduce the rate of supply expansion by 50% every four years, also known as the halving event.

In October alone, institutional investors poured up to 2 billion USD to buy Bitcoin, a new record was set. However, Chainalysis believes that BTC needs to expand its “footprint” into other cryptocurrency sub-sectors such as Web3 and decentralized finance (DeFi) in order to further strengthen its position in the adoption issue. and widely applied in the long term.

“The use of Bitcoin has not yet reached the level of sophistication like Ethereum or other Layer 1 assets. Other uses are required to unlock the full value of BTC. If Bitcoin can be used as capital in Web 3.0 then BTC will have a future as both a scarce and replaceable asset and as a useful asset in the more innovative side of the market.”

Bitcoin will always be the leading cryptocurrency, but may not always be the most known, accessible, and liquid. Bitcoin has the exclusive ability to become an irreplaceable digital asset due to scarcity, but NFTs can reduce the value of BTC somewhat. While Bitcoin’s scarcity is guaranteed by a supply limit while NFT is more dependent on social agreements.

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