The total amount of Bitcoin that whales are withholding has hit a new all-time high, especially after seeing a 3.5 months decline. According to the data provided by Glassnode analytics agency, the illiquid Bitcoin supply suggests that the supply is soaring and has currently reached 14,400 bitcoins, respectively. The number is pretty significant because recently, during the China crackdown and Elon Musk having his way with the Bitcoin and crypto market, the prices were in a serious plummet.
People were liquidating their bitcoin just to get out of this thin stretch the whole crypto market was in. But now, as things are going back to normal and the trust of investors and traders in Bitcoin is revised indefinitely until a new roadblock presents itself, they are once again pouring their investment into acquiring more and more of it.
Bitcoin Whales Become Active Again
The strong Bitcoin holders are not backing down and trying to get their hands on each and every token by any means necessary; MicroStrategy is among those financial enterprises that will stop at nothing to increase their Bitcoin supply. According to a report, the business intelligence firm has more than 100K Bitcoin in its hold and has not sold even a single one despite soaring the price between intervals. The firm has hit a serious loss in Q2 2021 regarding Bitcoin, which stretches into millions, but still, the firm is adamant about buying more Bitcoin and increasing its stash. Bitcoin holders that have some experience stand on the biggest in the game have recently recovered the Bitcoin, which was sold during the last dump, which lasted about 108 days. After acquiring the said Bitcoin, they have put it back into their crypto-cold storages for long-term holding, they are going to wait it out until the market booms once again, and the prices are almost pouring off of the charts only then they’re going to make their move. This might also mean that Bitcoin could see a substantial bullish run accompanying it or nothing at all, but the cryptocurrency is trading above $42K at the moment.