Despite the successive announcements about its institutional, entrepreneurial and government adoption, Bitcoin remains invariably blocked around 100,000 dollars. Could it be linked to a discreet, but persistent liquidation from the big BTC holders?
Bitcoin: a large mutation of the current powers
At the gates of the summer season, the Bitcoin shows obvious signs of no volatility. An observation led by numerous analysts who however poses some questions, faced with an unprecedented institutional adoption widely accelerated since the beginning of the year.
Indeed, Bitcoin is now an asset acclaimed in all the portfolios of traditional financeto the point of becoming a strategic option for the governments of this world. At the same time, The price of the BTC remains invariably blocked under $ 110,000 Since its crossing of this decisive stage at the end of last year.
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A paradoxical situation highlighted in an article in the Bloomberg media, on what is identified as a ” Large mutation of powers »Within Bitcoin. And for good reason, behind the media glitter seems to be playing in silence A massive resale from big BTC holderslike mining companies, offshore funds and anonymous portfolios known as whales.
The whales massively resell their BTC
During the past year, Bitcoin whales have been relieved of more than 500,000 BTC – worth more than $ 50 billion at the current price – according to data compiled by 10x Research. It is almost equal to the net entries of ETF Spot in the United States since their approval.
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Towards compression of BTC volatility
An activity of which The destination appears to be unpublished. Indeed, the big BTC holders are no longer content to resell their funds. They ” convert their BTC to exposure to the stock market “, According to the co -founder of Parataxis Capital, Edward Chin.
At the same time, institutions – like ETFs or Strategy company – now control about a quarter (4.8 million units) of all bitcoins in circulation. A reality estimated at nearly 900,000 BTCs absorbed during the past yearwhile historic whales are turning to new horizons.
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As a result, the head of relations for the DRW trading company, Rob Strebel, talks about a Bitcoin value ” less aberrant and more established as a class of legitimate assets ». But that at the obvious price of a ” compression of volatility Already widely committed.
However, the stability acquired with billions of dollars of institutions could have a perverse effect. Indeed, these operations currently allow the whales find the long -awaited outing ramp For their digital fortunes. Nevertheless, this increases the risk for private investors of Having to assume the next market -to -market movements on the market.
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Source: Bloomberg
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Passionate about cryptocurrencies and the principle of decentralization for many years, I want to share this experience with the greatest number. I also focus on deciphering the issues associated with the evolution of this ecosystem within traditional finance.
