Bitcoin (BTC) whales appear to be selling to institutions as supply pressures fall below $ 20,000.
Data from various sources show that while several BTCs have returned to the stock exchanges this week, large buyers are still generating more demand than supply can meet.
Inflows and additional purchases in shades of gray
Statistics from the analysis service Coin98 have confirmed that the investment giant Grayscale bought twice as many bitcoins in November as miners could have created.
Together with Square and PayPal, other major players in companies looking for more and more BTC stocks, Grayscale is creating a supply imbalance where price increases are the only logical outcome.
This scenario set the stage for December when Grayscale continued to buy bitcoins totaling over 7,000 BTC in just 24 hours, as Bitcoin assets under management now exceeded 10.5 billion as of December 4th.
Meanwhile, Bitcoin hit a record high this week, challenging $ 20,000 just to counter massive selling pressure.
Jumping off its $ 18,100 downturns and back into the $ 19,000 circle, BTC / USD appears to be poised for a new key level test, but sales momentum remains unusual. The walls, which sell for $ 20,000, are still in place, with old pimples and whales eager to hang out and enjoy the trust of buyers from shades of gray and other businesses.
Bitcoin sells walls for BTC / USD December 4. Source: TensorCharts
Evidence points to an increase in stock market whaling this week, which coincided with a bid of $ 20,000. If sales keep prices low, BTC should find its way from the whales to the stronger hands of gray tones and their customers.
CNBC: Rich People Download Bitcoin
This phenomenon has caught the attention of major media.
CNBC reported on Thursday that “the number of accounts that buy over $ 1 million in bitcoin and then withdraw them from the stock market has risen.”
This is 180% more compared to 2017. Analysts say there are signs that wealthy investors are downloading bitcoins and then storing them offline to store them in a safer place. ”
Meanwhile, according to the latest data from Glassnode, bitcoin addresses showed total returns compared to when the coins were pushed to a new high on Friday.
Meanwhile, Wall Street reported on Thursday that Bitcoin and hundreds of altcoins will create new cryptocurrency indices from the S&P Dow Jones Indices from January 2021.