Bitcoin (BTC) fattens institutional investors: the number of BTC whales is on the rise. The current rally is expected to continue throughout the year with the increasing rise of institutional investors in BTC markets; Joe Biden and his team can be counted on to increase the attractiveness of Bitcoin.
Bitcoin extends the list
According to data from Glassnode, the number of addresses with more than 1,000 BTC, estimated at approximately $ 37.5 million, hit 2,334, up 30% from the last bull run of 2017.
Statistics BitInfoCharts indicate that the number of addresses totaling over $ 10 million in BTC is 6,633.
According to the report Market Recap and Outlook from December 2020 from Kraken, addresses containing more than 100 BTC have accumulated 47,500 BTC additional during the month.
The famous Bitcoin Rich List reflects the growing involvement of institutions since 2020.
The rapid increase in transaction volumes on the Chicago Mercantile Exchange (CME) is another indicator of this increased participation of institutional investors.
Bitcoin, essential in 2021
The market capitalization of the overall cryptocurrency market has exceeded $ 1,000 billion since January 6, 2021.
A report of Coindesk indicates that this rally is different from that of 2017, in particular because of the participation of institutions.
The 2017 rally was mainly driven by the enthusiasm of retail investors.
Statements from institutional legitimizing Bitcoin contributes to the validation of the latter as a store of value.
While the administration Biden plans a $ 3 trillion stimulus package, not to mention possible $ 2,000 gift vouchers, more and more institutional investors should look to Bitcoin to escape the bankruptcy of the greenback.
What will be the role of retail investors during this bullish rally over time? A minor role without any interest? Simple opportunists? A supporting role for whales? The causes of the current rally are mainly attributed to institutional investors and the devaluation of the dollar. An increasingly virulent covid-19 and a vaccine that is struggling to demonstrate its effectiveness should work in favor of Bitcoin: we should not be happy about it, but it is difficult for a bitcoiner to hide his joy at the idea of a BTC at 100,000 USD.
Litecoin, welcome in the Silver Age