More and more people are buying bitcoin (BTC) since the coronavirus crash in 2020 – no matter how rich the data shows.
Statistician Willie Wu, who is part of a series of bullish charts in circulation this week, has highlighted gains in both high and low value portfolios.
Woo: BTC whales put money in their mouths
According to data collected by the monitoring provider Glassnode, whale bitcoin units – wallets controlled by a single large unit – continue to grow in terms of the amount of BTC they control.
The whales themselves have already reached record values.
“Many people look at the price of bitcoin and suspect that it is a hedge. Wealthy individuals and foundations certainly think this is right and are betting on it with real money. ”
“Since this last round of appreciation of the US dollar, whale organizations have significantly increased their BTC holdings.”
Bitcoin has attracted a lot of attention as a potentially safe haven since March, and has recovered from the losses by 50% and has maintained higher levels since then. The stable and unchanging supply – just one of the main features – has become a topic of conversation as the M2 money supply in the US continues to grow, but the frequency decreases.
It is not just whales who feel the need to invest in bitcoin. Small portfolios, or “plankton” for comparison, also show clear growth.
PlanB, the creator of the price-to-equity ratio, summed up: “Bitcoin is a fast-growing nation in cyberspace, where a number of sovereigns prefer to use BTC to store wealth and complete transactions.”
He noted that Bitcoin has almost 3 million users, which puts it at 134th place in the world, with a “money base” – market value – of around 200 billion dollars, and ranks 21st in the world.
Bitcoin plankton reserves
Bitcoin plankton. Source: Glassnode / Twitter
Bitcoin deals last longer … and longer
Even more signs of growth are coming from current scammers. Glassnode revealed that the percentage of total bitcoin supply that has not changed in three years or more, reached a record 30.9% on Tuesday.
As Cointelegraph previously reported, BTC foreign exchange reserves continue to shrink as users withdraw coins from their wallets. Meanwhile, buying pressure remains “strong” for Bitcoin at the current price level of around $ 10,000, according to a new estimate from another monitoring provider CryptoQuant, almost four months after the number of recently recovered bitcoins halved in May.
Even at lower levels since last week, after falling 15%, Bitcoin remains in a long-term bullish trend, according to PlanB.
The 200-week moving average cryptocurrency, which has never declined, continues to rise to almost $ 200 per month. BTC / USD’s monthly closing was at least 200 weeks.
As a sign of continued commitment from miners, it is now estimated that the hash rate of the Bitcoin network has reached a new self-record of over 150 exposures per second (EH / s) after a slight adjustment for a 1.21% difficulty reduction on 7 September …