Whales have put upward pressure on the price of Bitcoin

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  • Crypto wallets holding a minimum of 1000 Bitcoin held by single networks have increased to create a new ATH
  • The crypto community is experiencing a rare whale-spawning season
  • Investors are in the final time to grab the BTC, as by next year accumulating 1000 BTC will get difficult
  • Bitcoin getting mainstreamed could have a bearing on gold in a longer-term

A minimum of 1000 Bitcoin holding crypto wallets held by single networks has created a new all-time high record on Wednesday. According to data from Glassnode, it is observed that the number of crypto wallets having a minimum amount of 1000 BTC has reached to 1994, which is 25 more than the previous record of 1969. However, the previous record was surpassed on the 18th of last month only. It is also possible data showing the increasing number of Bitcoin whale.

Cryptosphere has entered in a rare whale-spawning season

Following the new all-time high record of BTC wallets holding a minimum of 1000 BTC, we observe that we are in a rare season of whales-spawning. Such wallets’ metric has increased by 16% this year, whereas the increment of more than 7% was observed in the last quarter only. According to Jehan Chu, the co-founder and managing partner of Kenetic Capital, the cryptosphere has just stepped in a rare season of whale-spawning, as high net worth and financial investors have recognized the last warning to build their stores of the leading crypto token. However, now is the final time to grab Bitcoins, as by next year it will get challenging to accumulate 1000 BTC.

A steep rise in the population of Bitcoin whales

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Observing the rise among whale-entities, we can conclude that financial investors’ increasing participation has fueled the recent Bitcoin’s bull cycle. On the other hand, it is observed that in 2020 Bitcoin has rallied by more than 300%, whereas by 160% in the last quarter only. According to Sumit Gupta, the chief executive officer and co-founder of CoinDCX, observing the data, it is clear that the leading crypto asset is going through a shift from being a speculative asset to macro investment asset. However, the switch has become possible with the increment in the acceptance of Bitcoin among global financial institutions and investors. 

BTC could bear on gold in a more extended timeframe

Last month, a significant insurance firm MassMutual, invested in Bitcoin citing it as a general investment, helped the token to get more mainstream. According to analysts at JPMorgan, the recent purchase of Bitcoin’s by the insurance firm has indicated the growing mainstream adoption of the token designed by Satoshi Nakamoto. The analysts have also predicted that it seems like Bitcoin could have a bearing on the traditional asset gold in the long run.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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