„‚Whales‘ have bought another 500,000 bitcoins since the start of the autumn Over the past few months, big investors have been aggressively buying up bitcoins.
According to Chainalysis, the so-called „whales“ have bought around 500,000 more BTC since September, worth more than $11.5 billion. According to Philip Gradwell of this team, the researchers used data on the activity of investors controlling bitcoins worth $20 million or more when compiling this survey.
The expert stressed:
Why is bitcoin up 225% in 2020? Since September, investors holding at least $20m in bitcoin have bought half a million BTC, which is Bitcoin Future currently worth $11.5bn. To me, this graph fully explains the movement of bitcoin in 2020.
The Chainalysis spokesperson fully shares the view of those analysts who are convinced that the bitcoin rally in November and December was the result of a massive entry of „whales“ into the industry.
Proponents of the concept of „whale influence“ on the crypto market point to the entry of giants such as MicroStrategy and Grayscale into bitcoin as evidence of this. According to the Skew platform, open interest in bitcoin futures on the Chicago Mercantile Exchange (CME) alone reached a record $1.4bn this week.
On Saturday, December 19, the largest digital currency is trading just below $23,000.
The WhaleMap team predicts further strengthening of bitcoin support from the big players. „Whales“, according to analysts, will push the coin to new highs, the next stop could be $30,000.