Bitcoin price has posted substantial gains during the last few weeks and the latest data shows that the retail and institutional investors have escalated the accumulation of the world’s largest cryptocurrency. A total of 2,450 Bitcoin addresses are now holding at least 1,000 BTC, a new all-time high.
Bloqport, a crypto analytics and research platform, posted the recent data provided by Glassnode and mentioned that 140 new Bitcoin addresses with 1,000+ BTC were created in the last 28 days. The number of Bitcoin whale addresses increased significantly since the start of 2020.
“Over the last 28 days, 140 new whale addresses with 1,000+ BTC were created, suggesting large entities may be expecting a significant price rise for Bitcoin in the near future,” Bloqport mentioned in a tweet.
The recent data indicate the involvement of institutions and wealthy investors in the crypto market due to an increase in the price of digital assets. Bitcoin is not the only crypto asset that investors are targeting, Bloqport mentioned yesterday that the number of whale addresses holding 10,000+ Ethereum reached the highest level in 13 months as 35 new ETH whale addresses have been created since the start of 2021.
Bitcoin and other crypto-assets saw a major sell-off yesterday when the BTC price dipped below $30,000 and Ethereum reached $1,200. The overall market cap of digital assets dropped below $900 billion on Wednesday. As of writing, the market has recovered since then as the world’s largest digital currency is trading near $31,500.
Finance Magnates reported yesterday about a massive surge in anonymous crypto transactions after unknown users moved more than 15,000 Bitcoin and 125,000 Ethereum within 12 hours. Institutional demand for cryptocurrencies has increased since the start of 2020. Grayscale, the world’s largest crypto asset manager reported strong demand from institutions in the Q4 2020 report. Grayscale now has over $24 billion in crypto assets under management with Bitcoin holding nearly $20 billion. Furthermore, the firm has 2.93 million ETH under management.