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Bitcoin Whales Are Accumulating More Than 50,000 BTC Every Month: Report

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The latest data suggests that Bitcoin’s recent bullish stint has excited large scale investors. Whales have been accumulating copious amounts of BTC in anticipation of a larger rally. Also, there’s an almost 38 percent increment in Bitcoin addresses holding more than $1 million worth of BTC.

Bitcoin Hodler Net Position Change Remains Positive

Data from on-chain analysis and crypto market insights provider, Glassnode suggests that Bitcoin’s recent rally hasn’t induced much of a selling reaction from long-term investors.

Bigshot market participants are holding tight and eagerly waiting to reap greater profits from further BTC rallies. What Glassnode says is evident from the ‘Bitcoin Hodler Net Position Change’ metric, which has remained positive since March-end. Furthermore, investors have been accumulating more than 50,000 BTC every month.

bitcoin hodlers accumulating
Bitcoin Hodlers Net  Position Change Positive, Source: Glassnode

Adamant Capital was the first to introduce this metric, which provides an idea of the investment sentiment and ‘changes in saving behavior’ within the Bitcoin ecosystem. To quote the exact definition:

Hodler Net Position Change shows the monthly position change of long term investors (HODLers). It indicates when HODLers cash out (negative) and when net new positions are accumulated by HODLers.

Apart from this, another metric is hinting at the rising dominance of ‘strong hands’ in the Bitcoin market.

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38 Percent Rise in BTC Addresses Holding At-least $1 Million

It seems whales don’t want to leave any stone unturned in buying more BTC. This, according to Glassnode, can be seen from the increment in Bitcoin addresses holding $1 million worth of the top cryptocurrency. Earlier the number was 13,000. Owing to the recent price rally, ‘millionaire BTC addresses’ have risen by almost 38 percent to 18,000.

BTC addresses holding $1M
Bitcoin Addresses holding $1 Million Increased 38 Percent, Source: Glassnode.

Such an uptick in massive Bitcoin buying behavior points to increasing institutional investor interest. We talked about the slow movement of capital in the BTC market, in one of our earlier articles.

However, it seems folks staking massive fiat amounts in the cryptocurrency space, are not satisfied with the inflationary status of the global economy.

Goldman Sachs’s dollar debasement warning has also served as a wake-up call for large scale investors looking at the rally as an opportunity to stack more sats and protect the value of their savings. Bitcoin investment management firm Ryze confirmed this as well.

‘Institutions Are Jumping At The Opportunity’ to Stack Sats

Ryze, in their latest newsletter, talked about the possible reasons fuelling the ongoing Bitcoin rally. One thing that became instantly obvious is the steadily growing institutional crowd in the crypto space.

Quoting data on increasing futures volumes for BTC on various platforms, Ryze made it clear that ‘institutions are jumping at the opportunity’ to expose themselves to the flagship cryptocurrency:

Open interest (the total value of outstanding trades) is at nearly $5 Billion across all Bitcoin futures markets, which is an indicator of increased investment activity. Daily futures volume is nearly $50 Billion, the second-highest of the year. The CME’s Bitcoin futures nearly had the most volume they’ve seen in a single day, and Bakkt’s futures far surpassed previous record volume. Grayscale is also seeing record inflows, adding nearly $1 Billion in AUM in the last week, with over 80% of it being Bitcoin.

This behavior, as observed by Ryze, is very different from 2017 when retail investors caused a FOMO driven rally. BTC is an excellent fit for the current macroeconomic scenario, and institutions realize this significantly.

That’s why they are getting involved for a much longer-term. And not just to make a few bucks in the shortest possible time.

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Source: https://cryptopotato.com/bitcoin-whales-are-accumulating-more-than-50000-btc-every-month-report/

Blockchain

Invest 3% in Bitcoin to Avoid COVID-19 Lockdown Devaluation — BitGo CEO

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Coronavirus lockdowns will force people out of fiat currency and into gold and Bitcoin (BTC), the CEO of cryptocurrency asset manager BitGo has warned.

In a series of tweets on Aug. 12, Mike Belshe strongly urged investors to divert a minimum of 3% of their portfolio into Bitcoin.

Belshe: investors will move from cash to gold, Bitcoin

As multiple jurisdictions around the world reenter compulsory lockdown conditions, Belshe said that in the United States, the government had made a prison for itself using the policy.

“The government is being forced to maintain lockdowns for political correctness, which will force them to print money even faster. Institutional investors are flagging this and recognize the devaluation will make cash hard to hold,” he wrote. 

Those institutions hit the headlines conspicuously this week, when billion-dollar corporation MicroStrategy confirmed it had adopted Bitcoin as its treasury reserve asset.

A $250 million buy-in cemented the sense of change, with CEO Michael Saylor highlighting Bitcoin’s unique properties as money.

“They’re looking for alternatives, and it… comes down to Bitcoin and gold,” Belshe continued.  

“If you don’t have some Bitcoin now, it is time to put at least 3% of your net worth into Bitcoin. This is the lowest risk, highest asymmetric upside investment you will likely see in your lifetime. Or stop the lockdown. But still get Bitcoin.”

2020 macro asset returns comparison as of Aug. 12

2020 macro asset returns comparison as of Aug. 12. Source: Skew

Hard money not inflationary paper

As Cointelegraph reported, the premise behind lockdowns has come under heavy criticism from Bitcoin supporters. 

In particular, “The Bitcoin Standard” author Saifedean Ammous has lambasted the measure as being far more detrimental to the population of a country in the long term than Coronavirus.

The criticism follows on from that contained in Ammous’ book and others critical of economic policy based on spending and borrowing, such as Henry Hazlitt’s “Economics in One Lesson.”

A clear relationship between inflationary fiat currency and reduced prosperity means that Bitcoin is the only genuine solution for those who wish to save for the future.

This week, the message became all the more clear as data showed correlation between Bitcoin price action and expanding central bank balance sheets.

Source: https://cointelegraph.com/news/invest-3-in-bitcoin-to-avoid-covid-19-lockdown-devaluation-bitgo-ceo

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Cointelegraph Launches Newsletter for Professional Investors

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Every 1st and 15th, Cointelegraph Consulting provides the latest inside scoop on cryptocurrency price action and rationale in its Market Insights newsletter. Here’s a preview of one of this month’s editions. 

Editor’s note

Crypto asset prices have flown upward in recent weeks, with various altcoins posting gains reminiscent of the great 2017 digital asset bubble. Assets such as Chainlink (LINK) and Band Protocol (BAND) have tallied triple digits percentage gains. 

Bitcoin (BTC), the industry’s pioneer asset, has also shown significant upside action. The asset travelled up slightly past $12,000 on Aug. 2 before subsequently falling more than $1,000 in the same 24-hour period. Aug. 10 saw BTC return to the $12,000 level, again facing rejection, sustaining a subsequent drop of several hundred dollars. Overall sentiment in the crypto investing and trading realm, however, remains high. 

Mainstream financial players also continue entering the digital asset industry via Bitcoin, with intelligence giant MicroStrategy as one of the latest entrants. Buying over 21,000 BTC, the firm has adopted the coin as its reserve asset.  

Benjamin Pirus, Reporter

Insights from around the digital asset sphere

Bitcoin whales may have sold some of their stockpiles. Recent data shows only 15,912 Bitcoin addresses holding 100 or more BTC — the lowest number in five years. Such network data implies large Bitcoin participants may be selling instead of accumulating. 

In terms of sentiment, however, crypto’s inaugural asset shows a major turnaround from the bearishness seen previously. Over the last two weeks, the market has expressed a significant bullish tone, topping at 1.2 standard deviations during Bitcoin’s most recent run toward $12,000. 

Data also shows an uptick in the number of dollars moving onto centralized exchanges via U.S. dollar stablecoin USDC — a signal which has often proved as a precursor to previous bullish Bitcoin price action. 

In contrast, Bitcoin’s Market Value to Realized Value, or MVRV, ratio looks troublesome, posting a 30-day value of 1.15 on August 2. This essentially means short-term Bitcoin investors boasted an average 15% profit across the board. 

On a separate front, Ethereum holds hot on Bitcoin’s tail in terms of transaction volume. Bitcoin now touts 3.4x the transaction volume seen on Ethereum’s blockchain, a dwindling lead, according to numbers from the beginning of August. 

Read the full newsletter edition here to get the entire scoop, complete with charts and images. 

Cointelegraph’s Market Insights Newsletter strives to share our knowledge on the fundamentals that move the digital asset market. With market intelligence from one of the industry’s leading analytics providers, Santiment, the newsletter dives into the latest data on social media sentiment, on-chain metrics, and derivatives. 

We also review the most important news hitting the industry including mergers and acquisitions, changes in the regulatory landscape, and enterprise blockchain integrations. Sign-up now to be the first to receive these insights.

Source: https://cointelegraph.com/news/cointelegraph-launches-newsletter-for-professional-investors

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Bitcoin Cash short-term Price Analysis: 12 August

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After Bitcoin’s collapse down to $11,285, the rest of the altcoin market finally appeared to tag along for the current bearish ride. Bitcoin Cash, just like other major altcoins slipped by 12.36%, as its valuation witnessed a downtrend from a high of $305 to $270.

After the markets actively pictured a recovery, a short-term long opportunity is prevailing for Bitcoin Cash in the industry.

Bitcoin Cash 1-hour chart

Source: BCH/USD on Trading View

Analyzing the short-term chart for Bitcoin Cash, clear decimation of the immediate support at $291 can be observed. The price dipped under $280 as well but at press time, recovery is taking place overturning the former bearish trend. The low was registered on $270 a couple of times, which led to a minor double bottom pattern over a period of 8-hours. With the Relative Strength Index or RSI eyeing 50 at the time of writing, a complete recovery of valuation is unlikely.

However, 10-Moving Average (10-MA) and 20-Exponential Moving Average (20-MA) were acting as immediate support for the surge at press time.

Bitcoin Cash 30-mins chart

Source: BCH/USD on Trading View

Now, analyzing the 30-min chart for BCH, a price entry point at $276 with profit margins exit at 291 leads to a risk-reward ratio of 2.39x. The stop loss can be placed at $270, and any declination below that might lead to staggering losses. The minor concern with the 30-min chart is that RSI is already reaching a little saturation in terms of buying pressure hence, a drop down to $280 should be expected.

However, support for 10-MA and 20-EMA should allow the asset to reach $291 before undergoing a trend reversal.

Conclusion

Bitcoin Cash should register a re-test at $291 under the next 12-24 hours.

Source: https://eng.ambcrypto.com/bitcoin-cash-short-term-price-analysis-12-august

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