BITCOIN INVESTING

1.6 million Bitcoin bought at more than $50k

Faisal Khan
Technicity
Published in
3 min readApr 2, 2021

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Cryptocurrency prices in general and Bitcoin prices, in particular, have been pretty resilient and range-bound for the past couple of weeks. Looking at the BTC price action — it has hugged a $10k price range, ever since reaching an all-time high (ATH) around $62k. A lot of previous analyses in this regard have shown that there is a lot of demand from existing buyers to support high price levels. At the time of writing, Bitcoin was hovering around the $59k mark.

In one of the earlier pieces that I wrote a few weeks ago, I highlighted the fact that new large investors may have lifted the BTC price floor to $35k. Taking this argument a little further, we look at the most recent Chainalysis Market Intel, which analyzes all the entities holding Bitcoin — not just the ‘Whales’. For this purpose, they divided all these entities into 1,525 groups based on the following metrics, thus providing a clear picture of the currently mined supply of 18.7 million bitcoin.

  • personal or business wallet (if a business, which type)
  • duration for which they held the bitcoin for

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Faisal Khan
Technicity

A devout futurist keeping a keen eye on the latest in Emerging Tech, Global Economy, Space, Science, Cryptocurrencies & more