- Whales or large wallet owners (who hold 100-10,000 BTC) added 20,000 BTC to their holdings when the price fell below $ 50,000.
- Companies that have Bitcoin on their balance sheets now account for 8% of the asset’s circulating supply.
- MicroStrategy, a publicly traded business intelligence company, accumulated bitcoins worth $ 177 million during the plunge.
- Hedge funds are bullish on Bitcoin and forecast a year-end value of $ 100,000.
Bitcoin network activity continues to rise even though the price has fallen below $ 50,000. Institutions are bullish on the asset and will continue to buy BTC once the price drops.
Analysts expect Bitcoin to boom
Bitcoin wallet addresses holding 100-10,000 bitcoin have amassed $ 940 million in bitcoin in the past 24 hours, while the price remains in a range below $ 50,000. The activities of large wallet investors are considered an indicator of future price trends. The accumulation through large wallets signals that the whales have a bullish attitude towards this asset.
Large wallet investors have acquired 20,000 more BTC.
Another indicator of an impending Bitcoin bull market is institutional interest in Bitcoin. MicroStrategy, a business intelligence company, bought an additional 3,907 BTC at an average price of $ 45,000. With the $ 177 million purchase of BTC, the company now holds $ 2.9 billion in Bitcoin for an average purchase price of $ 26,769.
MicroStrategy bought an additional 3,907 bitcoins for ~ $ 177 million in cash at an average price of ~ $ 45,294 per #Bitcoin. As of 8/23/21, we purchased ~ 108,992 bitcoins for ~ $ 2.918 billion at an average price of ~ $ 26,769 per bitcoin. $ MSTRhttps: //t.co/8jUlJImJbO
– Michael Saylor⚡️ (@michael_saylor) August 24, 2021
Interestingly, the data from Bitcoin Treasuries shows that companies that included Bitcoin on their balance sheets now control 8% of the asset’s circulating supply (1.66 million BTC). The firm has considered the portfolio of public companies, private firms, ETF-like offerings, and governments. This does not take into account the BTC owned by institutions that are inaccessible or lost, which means that the percentage of their combined BTC holdings could be higher.
The crypto trading simulation platform Crypto Parrot surveyed 55 crypto hedge funds to come up with their year-end forecast for Bitcoin. The platform concluded that 65% of hedge funds are bullish and 21% claim that BTC will trade between $ 100,000 and $ 150,000 by the end of 2021.
In the short term, the analysts expect further consolidation before the upward trend reversal. According to analysts at FXStreet, Bitcoin is targeting the $ 57,000 mark despite the ongoing correction