Summary
- Despite Bitcoin's recent price weakness, some large investors have quickly moved to buy.
- In particular, Bitcoin sharks added about 54,000 bitcoins over seven days, increasing their cumulative holdings to 3,575,000.
- However, selling pressure from long-term holders is reported to be negatively affecting Bitcoin's price.
The leading cryptocurrency Bitcoin (BTC) has continued to show weakness recently, but some large investors have been buying Bitcoin at a rapid pace.
On the 16th (Korean time), crypto-focused media Cointelegraph, citing Glassnode data, reported that 'Bitcoin sharks (investors holding 100~1,000 bitcoins)' added about 54,000 bitcoins over the past seven days, increasing their holdings to 3,575,000.
This is the fastest accumulation pace since 2012. At that time, such accumulation movements helped drive Bitcoin's uptrend. The outlet said, "At the time, Bitcoin rose from about $10 to $100," and added, "This accumulation movement could create potential for additional upside."
However, selling pressure from long-term holders is acting as a negative factor for Bitcoin's price. Charles Edward, founder of Capriole, explained, "Institutional purchases have reached historic levels, but selling by long-term holders is offsetting all of that impact."
As of 5:28 p.m. that day, Bitcoin is trading at $86,242, down 4.03% from the previous day, according to CoinMarketCap.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
