Institutionalists: these new guarantors of a 5 then 6-digit Bitcoin (BTC)? The whales are said to be selling them their BTCs. Institutional investors are draining the markets by absorbing all the Bitcoin in circulation. But the bulls won’t complain.
A bullish imbalance for Bitcoin
According to the latest on-chain statistics, the whales have a massive sale of Bitcoins with institutions.
Data from Coin98 indicate that Grayscale acquired double the amount of BTC mined during the month of November 2020.
The investment fund is said to have bought nearly 7,000 BTC within 24 hours, bringing the total assets under management to $ 10.5 billion as of December 4, 2020.
The presence of other heavy goods vehicles such as Square and PayPal, leads to a market imbalance linked to strong demand from these institutional players.
The logical outcome of this situation would be a substantial increase in the price of Bitcoin.
Bitcoin hit a new ATH on December 1, 2020, without touching $ 20,000. The correction that followed a few days later brought the BTC below 19,000 USD. Bitcoin even made inroads below $ 18,000.
Make way for the new BTC whales
With sales thresholds of $ 20,000, long-time hodlers and whales looking to exit the market will have no difficulty finding viable buyers like Grayscale.
More and more whales are trading on exchanges, coinciding with the attempts of the Bitcoin to exceed the 20,000 USD mark.
If these sales keep the price low, a significant amount of BTC should end up in the hands of institutions.
Chain CNBC reported in a tweet on December 3, 2020, a marked increase in the number of accounts purchasing BTC for over $ 1 million.
Bitcoin climbed back above $ 19,000 on December 13, 2020. It needs to grapple with resistance at $ 19,400 – $ 19,600 again in order to continue its path towards $ 20,000. With whales prone to sell in this area, it won’t be easy for the bulls. Will the new whales be longer termist than the old ones? BTCs go from one big wallet to another: as long as it makes their price “bigger” in the markets.
Litecoin, welcome in the Silver Age