While Bitcoin appears to have stabilized somewhat in the $ 30,000 to $ 35,000 range, institutional and high-wealth individuals continue to accumulate BTC.
New Bitcoin data
Glassnode, an on-chain metrics and stock market flow analysis platform, tweeted new bitcoin data on January 16.
First and foremost, the number of Bitcoin addresses holding over 1,000 BTC has reached an all-time high of 2,424 addresses.
Glassnode also points out that the previous all-time high is set early in the day at 2.424.
To reach this wallet size, investors must hold almost $ 35 million in Bitcoin investments alone.
Institutions on the Bitcoin scene
One of the common narratives in the cryptocurrency space is the entry of institutional and large-scale investors. It is now clear that this major step is taking place in the mainstream adoption of corporate wealth. Especially positive is the increase in more than 1,000 BTC wallet addresses during the current price climate.
These wallet holders are no longer the ones who accumulated massive amounts of BTC when they were extremely cheap ten years ago. These are investors entering the market. BTC, on the other hand, is relatively close to the all-time highs.
Mainstream institutional driving force continues
There is not a single catalyst that can be said to signal this increase in corporate adoption. However, the increasing trend towards cryptocurrency plays a huge role in this adoption. More and more users see Bitcoin from a strictly store of value perspective, rather than as a currency that can transfer value. Many people started looking at Bitcoin as a better store of value than gold. They see Bitcoin as a digital gold with value-saving features with a stronger foundation.
Michael Saylor, CEO of Microstrategy, was one of the first corporate players at the forefront. Originally a Bitcoin skeptic, Saylor has invested more than $ 1 billion in BTC in Microstategy’s treasury reserve assets. Microstrategy was the first publicly traded company to achieve this success.
Saylor has also personally invested hundreds of millions of dollars of fortune in Bitcoin. This is because it now sees the financial features of Bitcoin as a strong protection against inflation in dominant fiat currencies.