Over the course of the last week, the top-ranked digital currency Bitcoin has been trading in a downward trend as the price value of the coin has decreased down from its all-time high value to the current value of $32k. It even faced a price crash a few days ago, which led the coin to make a visit below the $30k mark. This bearish behavior of the coin is indicating a bearish market ahead for the primary cryptocurrency.
However, new data provided by the blockchain analytics firm Glassnode is suggesting a potential price rise for the world’s largest digital currency by market value. Glassnode’s data shows that big entities expect the leading cryptocurrency to go up once again in the near future.
There is only one significant metric that is signaling a bullish market for the flagship cryptocurrency. More and more Bitcoin whales are entering the Bitcoin market and are accumulating more and more Bitcoins. As per the Glassnode’s data, the number of Bitcoin wallet addresses holding 1,000 BTC has surged high to reach a new all-time high figure. There are now 2446 Bitcoin wallet addresses that are holding more than 1000 BTC.
Glassnode data revealed that a total of 141 Bitcoin whale addresses containing over 1k BTC entered into the Bitcoin market within the duration of just 21 days. This positive metric shows that big players might not be planning on leaving the Bitcoin market very soon and are waiting for big things to happen out there in the market.
The number of addresses holding 1,000 BTC just reached a new all time high of 2,446.
Over the last 21 days, 141 new whale address with over 1k BTC were created, suggesting large entities are expecting a significant price rise for #Bitcoin in the near future.
— Bloqport (@Bloqport) January 21, 2021
On the other hand, retail investors are continuously cashing out their BTC holdings as they have anticipated a bearish market for the top digital asset ahead. When the price crash of Bitcoin occurred a few days ago, some of them even reportedly cashed out some amounts from their accounts.
Meanwhile, major financial institutions are continuously growing their BTC stash by purchasing more Bitcoins. MicroStrategy, the business intelligence firm, recently made another strategic investment into the pioneering cryptocurrency and bought an additional $10 million worth of Bitcoin. This investment once again proved a boosting factor for Bitcoin and drove its price upward. As a result of this, the price value of the coin recovered more than $3000 of its lost value within the time period of just one day. At the time of writing, BTC’s price is now holding at around $32,300.