Another BTC all-time high was formed earlier today at $28,500 thanks to the latest strong rally over the past day. The cryptocurrency is up by 8% in the past 24 hours alone, pushing from $27,000 to $28,500 as we can see in the price analysis of our Bitcoin news.
The leading cryptocurrency set another BTC all-time high a few hours ago above $28,500 on some exchanges which were marked quite a lot of hype on Twitter despite this being a new one because this new high was marginally above the previous one. Twitter users were focused on the ETH-based Defi apps rather than the BTC rally.
SkyBridge Capital revealed today that it invested more than $180 million worth of capital into BTC via its funds and it also launched a BTC-focused fund to allow investment advisors to gain more exposure to the leading cryptocurrency. Raoul Pal also believes that reflexivity will take the market into a volatile place.
We are at the stage where people I really respect – mean reversionists, value players and rationalists are urging caution in bitcoin.
— Raoul Pal (@RaoulGMI) December 30, 2020
As recently reported, The high net worth investors so-called whales started buying BTC a few days ago but it seems that these BTC whales buy aggressively and are not stopping. The data shows that the high net-worth-investors are buying up more of the supply of BTC so it is impossible to segregate the institutional investors from individual investors via the on-chain data. However, the trend shows that investors with bigger capital are entering into the market despite the rally.
According to the analysts at Santiment, more than $647 million worth of BTC was transferred from small addresses to bigger addresses thanks to the latest strong rally. The addresses holding about 10000 BTC are considered whales by many analysts since 1000 BTC is equivalent to $27 million. BTC has increased about three times since mid-2020 and the upside for the cryptocurrency is limited in the near future. Still, most on-chain data points that fewer whales are selling across major exchanges.
The price of the cryptocurrency boomed and made investments worthwhile as the total amount of Bitcoin that corporations own reached over $30 billion. A few companies across the world now hold a total of 1.15 million in their treasuries which is over $30 billion worth of the crypto thanks to the latest price boom. The figures released by Bitcoin treasuries shows that 29 companies own 5.48% of Bitcoin’s total supply in the treasuries.
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