- Bitcoin whales worth $20 Million and above have collectively accumulated 500k BTC since September
- This amount is roughly worth $11.5 Billion and explains why Bitcoin’s value has risen
- Bitcoin is currently experiencing a cool-down around the $23k price level
- There is a 50:50 chance that it goes either way for Bitcoin
- A record number of Bitcoin options expire on Christmas day and could provide volatility before EOY
Bitcoin whales holding BTC worth $20 million or more have accumulated a total of 500,000 BTC worth $11.5 Billion since September. This is according to the Chief Economist at Chainalysis Philip Gradwell, who shared his observation via the following statement and accompanying chart demonstrating the accumulation by Bitcoin whales since September.
Wondering why #bitcoin has returned 225% in 2020? Since September new investors holding at least $20 million of bitcoin each have together acquired half a million bitcoin, currently worth $11.5 billion. For me, this is the chart that explains the bitcoin market in 2020.
Bitcoin Whales & Institutional Investors Are Driving BTC’s Rally
From Mr. Gradwell’s observation and chart, the accumulation of Bitcoin by whales has been a key ingredient of the current bullish momentum exhibited by the King of Crypto. This fact is further reiterated by institutional investors such as MicroStrategy and Grayscale, continually buying Bitcoin even at current levels. Institutional investors are not waiting for a mega dip as Bitcoin is very much within a bull cycle.
92.9k Bitcoin Options Expire on Christmas Day
At the time of writing, Bitcoin is trading at $22,850 – Binance rate – in what looks like consolidation around the $23k price area.
With respect to Bitcoin’s short term future rolling into the weekend, it could go either way for BTC. Firstly, weekends have generally been green for the past few weeks and retail traders could send Bitcoin higher. However, BTC is in overbought territory and a few spikes down might be in the pipeline before another climb by Bitcoin.
Also worth mentioning is that 92,900 Bitcoin options expire exactly on Christmas day as seen in the following chart courtesy of Skew. This expiry is the largest in Bitcoin options history thus increasing the chances of heavy volatility before the year ends.