Bitcoin Is Under A Huge Accumulation Phase – Whales Are Holding More Than $280 Billion In BTC | CryptoGazette
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The crypto market looks pretty bloody today with the most important coins trading in the red. Bitcoin is also trading in the red and the king coin is priced at $39,039.
Bitcoin is under a massive accumulation phase
It’s been just revealed that a popular on-chain analyst is revealing that Bitcoin is going through a huge accumulation phase.
There are a lot of large entities now holding hundreds of billions of dollars worth of BTC.
In the latest edition of the Blockware Intelligence newsletter, William Clemente says that despite BTC’s volatile price action, market participants are buying and holding BTC at a historic rate.
“Underneath the surface, there is a heavy phase of accumulation on-chain. Exchange outflows have reached a rate that has only ever occurred three times before in Bitcoin’s history: following March 2020, December 2020 (a lot of which was likely GBTC), and September 2021.”
As the online publication the Daily Hodl notes, along with the massive exodus of Bitcoin from digital asset exchanges, Clemente highlights that whales are also buying the leading by market cap after unloading their BTC stacks for most of the year.
“This week has seen an uptick in whales holdings for the first time since January, showing an increase in supply held by entities with over 1,000 BTC (filtering out for known on-chain entities such as exchanges).”
Crypto adoption to explode this year
Binance CEO Changpeng Zhao said that the crypto adoption will explode during this year. Chyeck out the latest reports below.
The mainstream crypto adoption has been one of the most important goals that the crypto industry set. There have been a lot of moves made in this direction and things continued.
During a new interview, the co-founder of the world’s largest crypto exchange platform says that lawmakers across the globe are increasingly being drawn to the crypto industry in 2022.
This is reportedly a potential sign of upcoming adoption.
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