A new analysis from crypto intelligence firm Glassnode reveals massive whale activity amid Bitcoin’s meteoric rise this year.
The on-chain analytics platform analyzes Coinbase, which it labels as the preferred place for US institutions to accumulate BTC, to show the rapidly declining Bitcoin balance on the crypto exchange.
According to Glassnode, whales started amassing a lot of Bitcoin in December 2020 when BTC threatened to break the previous all-time high of $ 20,000.
“We can see that in December 2020, the game changed. As the price of BTC approached the previous cycle, ATH at $ 20,000 and market confidence grew, a serious institutional build-up began. This started with 37,400 BTC withdrawn in December.
In the months that followed, an incredible staggered pattern of “ averaging the cost of whales ” emerged as tens of thousands of coins were accumulated each month. The consistency, frequency, and size of this equilibrium shift is amazing to see in the chain data and really shows the aggressive accumulation by institutions this year. “
The Glassnode chart reveals that US institutions continue to be a major force behind the current bull market as they shed thousands of BTC despite the rise in the price of Bitcoin. In the first three months of 2021, 170,800 BTC was withdrawn from Coinbase amid Bitcoin’s more than 100% surge from $ 28,873 in January to $ 58,618 at time of writing.
American institutions are not the only major players hoarding Bitcoin. Quantitative Analyst Lex Moskovski Share Glassnode data showing that the net position of Bitcoin miners has turned positive, indicating that the miners have more Bitcoin than the amount they are selling.
“The miners really started to increase their positions… Yesterday the miners stacked another 4,380 Bitcoin. In fact, it seems like a trend. “
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