BITCOIN ‘WHALE’ BEHAVIOR

Bitcoin continues to advance despite a slowdown in purchases by ‘Whales’

Except for Tesla, which swooped in BTC worth $1.5 billion, demand by the bigger investors flattened last month

Bitcoin has already hit another All-time high (ATH) of just above $49k as I begin to write this piece — first getting impetus from the news of Tesla taking a massive position of $1.5 billion in the premier digital currency and some follow-up action on the news of an impending mainstream adoption is keeping the price of not just the BTC, but the whole Cryptoverse well supported. Ethereum has also hit another ATH around $1876, as the total market cap of cryptos approaches $1.5 trillion.

And when we talk about mainstream adoption, it wasn’t just Tesla’s swollen interest in Bitcoin that sparked the price jump — two of the biggest credit card merchants have announced support for cryptos going forward, along with two U.S institutions getting approval to operate as regulated digital asset banks. This is all on top of the ballooning institutional investment interest that we have seen in BTC over the past year.

These so-called ‘Whales’ have been the driving force behind Bitcoin’s exponential rise recently. While their investing…