BTC, gets more worth as because high-net-worth individuals are investing in Bitcoin
Market voices believe that bullish sentiment promotes a short-term rise in Bitcoin. The possible catalyst is the long-term accumulation phase and the recent surge in activity on the chain. It is worth mentioning that the news that Square invested in Bitcoin worth $50 million this Thursday further ignited Enthusiasm for the market.
The admission of institutions is often regarded as a signal that Bitcoin is gradually becoming mainstream. Payment giant Square announced on Thursday that it has purchased $50 million in Bitcoin. The company said in a statement: “Square believes that cryptocurrency is a means of economic empowerment and provides a way to participate in the global currency system, which is in line with the company’s mission.”
At the same time, data shows that in the past few months, the number of Bitcoin whales (addresses holding more than 1,000 BTC) has shown an upward trend. This sign indicates that more high-net-worth individuals are investing in Bitcoin in anticipation of an increase in the price of Bitcoin.
In addition, according to the data provided by BitcoinTreasuries, 11 New York Stock Exchange-listed companies have officially announced that they hold Bitcoin, a total of 592,800, accounting for about 3.2% of the circulation. It should be noted that such funds as Grayscale and Coinshare are equivalent to custody. It is reported that there are about 4,000 companies listed on the NYSE.
On September 30, Santiment data showed that the number of whale addresses was increasing, which indicated that large investors were entering. In addition, the number of active addresses was rising and reached a record high. It is reported that the number of addresses holding 10,000–100,000 BTC has surged by 6.74%, and seven giant whales may have joined the Bitcoin market in the past two weeks. According to analysts, based on the current price of Bitcoin, this may increase buying orders worth billions of dollars.