Ethereum on rampage, breaks above its 2 year high

January 19, 2021 John Ethereum 0

The number of investors owning at least 1,000 BTC is growing at a record pace. Data retrieved from Glassnode show that the number of addresses holding at least 1000 BTC has skyrocketed lately.

  • The growth from January to December last year: 6.7%
  • The growth from December until today: 7.2%

READ: Investor moves $1 billion for $7 fee on Ethereum Blockchain

On the chart pattern, the number of addresses owning such amount of cryptos was about 2,450.

READ: Unknown Ethereum Whale transfers a whopping 89,874 ETH

What this means

Large crypto entities could be envisaging a strong medium to long-term Bitcoin price trend, and are choosing to hold on to BTC in expectation of a bull market.

  • Much of the recent increase can be attributed to wealthy entities withdrawing their BTC from the exchange. Apparently, this is not new wealth – rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.
  • At the time of drafting this report, Bitcoin traded at $36,534.77 with a daily trading volume of $53.2 Billion. Bitcoin is up 4.20% for the day.

READ: 77% of BTC investors are in a state of profit

In addition, another key point helping Bitcoin prices to remain supported between the $34,000-$37,000 price levels in recent days, is that a significant amount of long-term investors in Bitcoin are not nervous amid the prevailing volatility in play as revealed by Glassnode.

Bitcoin reserve risk is still very low. This means that there is high confidence in long-term HODLers relative to the current price. In red, the price is high and the confidence is low. Yes, a $37k Bitcoin is…cheap.

READ: Crypto entity moves $511 million worth of Bitcoin for a $41 fee

Bottom Line

Nairametrics is of the opinion that the increased buying pressures by such crypto investors are significantly responsible for Bitcoin staying supported above $35,000.