CryptoQuant: New whale wallets accumulate $1 billion in Bitcoin every day
CryptoQuant, a blockchain analysis platform, stated in its latest weekly report that "large investors are putting in about $1 billion into Bitcoin, which is similar to the situation before Bitcoin rose from $10,000 to $70,000 in 2020. As early as 2020, Bitcoin hovered around $10,000 for six months with high on-chain activity, later revealed to be off-exchange transactions." It further explained, "Now, despite small price fluctuations, on-chain activity remains high, and new whale wallets are increasing their holdings by $1 billion every day, possibly in the form of institutional investors entering custodial wallets to purchase Bitcoin."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
IMX vs MPEPE: Here’s How Immutable X Investors Are Making Extra Profits For Investing Liquidity
Riot Platforms and Bitfarms reach settlement agreement to end acquisition bid
Bitfarms and Riot Platforms reach settlement agreement in takeover saga
Bitfarms and Riot Platforms have reached a settlement, potentially bringing an end to a takeover saga between the two Bitcoin mining firms.Under the terms of the deal, Riot is prohibited from acquiring more than 20% of Bitfarms without prior board approval.
Trending news
MoreCrypto prices
More
