Bitcoin price is only a mere few hundred dollars away from setting a higher high and confirming a new bull market. Coinciding with what appears to be a breakout prepare to happen, whale-sized wallets property more than k BTC have surged to the highest level in the asset’south history.
Is this it – is the next cryptocurrency bull market based on Bitcoin’south block reward halving as the stock-to-flow model predicts, finally here?
Big Buyers Set For Crypto Bull Run By Accumulating Bitcoin
Bitcoin has been bullish all throughout 2020, even becoming the all-time performing mainstream asset beating out gilded, stocks, and more. The leading cryptocurrency by market cap started off the year bullish, leading into the block reward halving in May.
But before the day arrived, the pandemic struck and the stock market selloff on Black Thursday caused Bitcoin’s uptrend to collapse.
The cryptocurrency and stocks have been on a tear since, with Bitcoin only recently decoupling due to network effect and adoption metrics ascent.
Whale wallets over 1000 BTC grow to historic levels | Source: Glassnode, via Cabalistic Research
For example, not-zero BTC wallets and active wallets have recently reached new highs, and now, even whale-sized wallets belongings chiliad BTC or more have spiked to the highest levels always.
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But what exactly is behind the sudden surge?
Whale-Sized Wallets With m BTC Or More Achieve New Highs, Is Price Adjacent?
According to data, BTC addresses with a balance of 1000 BTC or more take grown to the highest level ever. These whales hold enough Bitcoin, that if the cryptocurrency e’er reaches prices of $1 million per BTC as predictions accomplish, they’d have $100 1000000 USD worth of the cryptocurrency.
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And that could be precisely the reason for the number increasing. With the expectation that Bitcoin’s valuation could rise to such levels, whales are preparing for the long haul. At current prices, that sized wallet worth of BTC would exist valued at over $13 one thousand thousand today.
Bitcoin closes in on setting a college loftier for the first fourth dimension since 2017 | Source: BTCUSD on TradingView.com
Another theory for the increment in g+ BTC wallets could exist more corporations following suit all of a sudden, and buying BTC on OTC markets to hedge against inflation and the dying ownership power of the dollar.
The pandemic and resulting stimulus coin has wreaked havoc on the monetary supply and caused a rapid imbalance further against the scarce supply of only 21 million BTC.
Currently, just 23 companies lonely hold over 786,000 BTC or more than 3% of the total supply. The more 1000 BTC whale-sized wallets there are, the even less Bitcoin in that location will be to get around for small fish investors.
Featured paradigm from Eolith Photos, Chart from TradingView.com, Arcane Research, and Glassnode