BITCOIN INVESTING

1.6 million Bitcoin bought at more than $50k

Investors continue to pile their investments in the premier digital assets, even at these elevated price levels

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