Over the past several months, large investors have been aggressively buying bitcoins.
According to Chainalysis, since September, the so-called "whales" have acquired about 500,000 BTC for a total of more than $ 11.5B. According to the representative of this team, Philip Gradwell, in compiling this review, the researchers used data on the activity of investors who control bitcoins for $ 20 million and more.
The expert emphasized: "Why is Bitcoin up 225% in 2020? Since September, investors holding at least $ 20 million in bitcoin have purchased half a million BTC, which is currently worth $ 11.5 billion. For me, this graph fully explains the movement of bitcoin in 2020."
The representative of Chainalysis fully shares the point of view of those analysts who are convinced that the Bitcoin rally in November and December was the result of a large-scale entry of "whales" into the industry.
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Supporters of the concept of the influence of "whales" on the crypto market point to the entry of such giants as, for example, MicroStrategy and Grayscale into bitcoin. According to the Skew platform, open interest in bitcoin futures on only one Chicago Exchange (CME) hit a record $ 1.4 billion this week.
On Saturday, December 19, the largest digital currency is trading just below $ 23,000.
The WhaleMap team predicts further strengthening of support for bitcoin from major players. Whales, according to analysts, will push the coin to new highs, the next stop could be $30,000.