The top 100 richest Bitcoin (BTC) addresses have added 334,000 Bitcoin to their existing holdings over the past 30 days, a clear signal that whales and institutional-size investors bought the dip. A positive sign is that most of them have not reacted to the recent fall in Bitcoin’s price. This suggests that large investors are bullish on Bitcoin for the long term rather than looking to make a quick gain.
An important element in the recent rally is many of the purchases have come from institutional investors who were critical of Bitcoin in the past. The list is likely to get bigger as Oaktree Capital’s co-chairman and co-founder Howard Marks is revisiting his previous “skeptical view” on Bitcoin. In his latest investor memo, Marks said that “thankfully,” his son had purchased a meaningful amount of Bitcoin for the family.
Several institutional investors have been critical of the central banks’ expansionary monetary policies but until now, they primarily used gold to hedge their portfolios. The ones who shifted even a small portion of their gold portfolio into Bitcoin are reaping huge gains.
Daily cryptocurrency market performance. Source:Title: Price analysis 1/13: BTC, ETH, XRP, LTC, ADA, BCH, DOT, XLM, LINK, BNB
Sourced From: cointelegraph.com/news/price-analysis-1-13-btc-eth-xrp-ltc-ada-bch-dot-xlm-link-bnb
Published Date: Wed, 13 Jan 2021 19:20:00 +0000