A new bull market for Bitcoin? Data Shows: Whales and Institutions Are Hoarding Bitcoin

Cointelegraph中文

特邀专栏作者

2020-09-20 11:29

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The data shows that whales are not selling a lot of Bitcoin at current BTC prices, while institutions are hoarding BTC.

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The data shows that whales are not selling a lot of Bitcoin at current BTC prices, while institutions are hoarding BTC.

Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), Author: JOSEPH YOUNG, reprinted with authorization by Odaily.

Editor's Note: This article comes fromBTCCointelegraph Chinese (ID: CointelegraphChina)

, Author: JOSEPH YOUNG, reprinted with authorization by Odaily.TradingView.com

On September 19th, with Bitcoin () topped $11,100, with whale activity and Bakkt’s all-time high volume pointing to increased momentum.image description

Bitcoin's 4-hour price chart. Source:

Whales are sending fewer bitcoins to exchanges

. Historically, the data suggests less selling pressure from high-net-worth bitcoin holders.

Meanwhile, daily volumes on Bakkt’s institutional-focused bitcoin futures market are hitting record highs. Operated by ICE, the parent company of the New York Stock Exchange (NYSE), Bakkt facilitates bitcoin trading for institutions.

Bitcoin whale activity and record volume on Bakkt suggest that both whales and institutions may be hoarding BTC.secondary titleBitcoin continues to test $11,000 as market data points to bullish trend

A Whale Who Sells Bitcoin for Over $12,000 After Holding It for Two Years Ownsexplain：

About 9000 BTC

. Based on the current market price of Bitcoin of $11,070, it is close to $100 million.Declining demand from whales to sell BTC is a positive given the reduced risk of large sell orders. Kiexplain

The data CryptoQuant is referring to is the large Bitcoin reserves held by whales on exchanges. As Cointelegraph

previously reportedCryptoQuant

Some whales are selling at current prices, as is the case. But data shows that most whales are reluctant to sell at $11,000.

The optimism of the whales coincides with the apparent uptick in institutional demand for Bitcoin on Bakkt.image descriptionAccording to data from Arcane Research and Skew, on Sept. 15, Bakkt’s daily transaction volume hit an all-time high, the majority of which was physically settled. Just 24 hours ago, MicroStrategy bought another $175 million worth of BTC.

The timing of the surge in Bakkt’s bitcoin futures market volume is noteworthy as it follows MicroStrategy’sSkew

buy in bulkafter.image descriptionHistorical volume for Bakkt Bitcoin futures. Source:

Based on this data, it can be argued that some institutions may be buying BTC after MicroStrategy's high-profile investment, especially after some popular pricing models show that Bitcoin

low case

. Analysts at Arcane Research wrote:

“Another day, Bakkt hits a new all-time high and is trending upwards. After hitting a new high on Tuesday, the institutional-focused bitcoin futures platform saw even higher volumes yesterday.”

4 days ago, Bakkt saw record volumes, whales were less active on the exchange, and BTC rose from $10,800 to $11,100.DeFisecondary titleETHWhat is the next goal in the short term?A post-profit-taking rally may be underway, on top of accumulation by institutional investors and whales, some traders said.In recent months, decentralized finance (

). With the DeFi tokenexpress：