At the beginning of March, whales (>1 thousand BTC) did not support the interest of small players in accumulating Bitcoin, continuing to sell stocks. However, their calculations for a hike to the level of $ 30 thousand due to the deterioration of the macro environment and the widespread tightening of monetary policy by regulators did not come true. Rather, on the contrary, there has been an increased interest in faster and more decentralized payment solutions. This prompted the whales at the end of March to join the shrimp (<1 BTC) in accumulating coins.
Cryptofauna as of January 2021 (classification by Glassnode Agency)Cryptofauna as of January 2021 (classification by the Glassnode agency)
, the last week turned out to be the strongest in terms of savings:
the total balance of cryptocurrency exchanges decreased to the levels of August 2018 and amounted to 2.47 million BTC, and the outflow rate reached 96.2 thousand. BTC per month.
Over the past four months, the balance on accumulation addresses (without expense history) has increased by 217 thousand BTC, the metric also excludes wallets of miners and crypto exchanges. The growth rate was 1800 BTC per day, which is twice the production level.
The greatest activity was demonstrated by shrimps, which in two months absorbed 0.58% of the total circulating supply of Bitcoin and increased their share in the crypto fauna to 14.3%. Whales have been accumulating only for the last two weeks.
Among the whales, Luna Foundation Guard (LFG) and MicroStrategy (NASDAQ:MSTR) made a serious contribution to reducing supply. Three weeks ago, LFG announced its desire to purchase Bitcoin for $3 billion to provide UST with a stablecoin reserve, the company has already bought 30.7 thousand. BTC worth $1.4 billion. And Microstrategy just replenished its reserves by 4.2 thousand. BTC through a subsidiary, increasing the capital to 129.2 thousand. BTC ($5.9 billion).
The news about the extraction of the 19-millionth Bitcoin last week also has a positive effect on accumulative sentiment. Over the next 118 years, miners will have to extract only 2 million BTC, or 10% of the total volume. Awareness of the shortage of coins as opposed to 30% of US dollars printed over the past two years increases the investment interest in Bitcoin from the general public.
The other day, Garry Kasparov, in an interview with Coindesk, called Bitcoin digital gold, a technology that allows you to protect your earned fortune from the devaluation of the dollar.