It is not wrong to say that the crypto market is on fire at present. At one end, new investors are panicking from the frequent price dips and trying to sell off their holdings. On the other end, the aged and wise investors are making a beeline for buying the dip and send out the beacon cryptocurrency to cold wallet storage. According to the crypto data aggregator Glassnode, the number of crypto holdings and bulk purchases has seen a drastic increase during the last week.
As per the statistics shared by Glassnode, both whales and institutional investors are behind these bulk crypto purchases. A chart posted by Glassnode indicates that the highest number of Bitcoin digital wallet balances is witnessed on Coinbase. These readings account for two month period, which also points out that Binance, Huobi, and Gemini exchange are racing back and forth in terms of reducing Bitcoin concentration.
After Hanging on to $41K for a While Bitcoin Nose Dives Once Again
The latest Bitcoin fall is the seventh consecutive time that the flagship cryptocurrency has gone down since hitting an ATH last month. The value of Bitcoin has reduced almost 45% since its peak in April. The main reason for the dip is the increased amount of panic and fear sentiment among retail investors. The big fish are not shying away from taking advantage of this golden opportunity and continue on a dip-buying frenzy.
The massive popularity of Bitcoin has broken out of the billionaire and millionaire clubs and has entered into drawing room conversations and common folks. Google reported recently that news searches about cryptocurrencies reached a record increase in the last few weeks. Meanwhile, Michael Saylor, CEO of MicroStrategy, who is on a self-initiated mission to make crypto mainstream, is celebrating 1 million followers leaving behind the likes of Peter Schiff.
Glassnode Founders Step Forward to Share more Exciting news from Crypto Exchanges
Glassnode is the brain child of Jan Happel and Jann Allemann. The founding fathers of the crypto charts and analytics broadcaster have a joint Twitter account where they interact with their followers and share useful insights with the crypto community members. Recently the dynamic duo published the news about how Institutional investors’ interest in Bitcoin is far from over.
The pair further added that the Net Position Index for HODLers is witnessing an appreciative trend.