30k BTC Flows out of Coinbase as Institutions Rekindle Interest in Bitcoin
$40k Per Bitcoin Sounds Cheap for Whales
In another analysis shared on Twitter, Mr. Ju speculated that Bitcoin whales sold part of their holdings when BTC hit $47k. The same whales are now accumulating at $40k as the price of Bitcoin seems cheap. He further shared the following chart demonstrating the selling behavior of whales over the years and at different price areas.
The United States Ranks Third Among Crypto-Friendly Countries
Circling back to why institutional investors might be warming up to Bitcoin, the United States is now ranked third among crypto-friendly countries. This is partly due to President Biden and his administration seeking for better understanding and regulation of the crypto sector. The aforementioned executive order by President Biden calls for measures addressing the following regarding digital assets.
- Protection of US customers, investors, and businesses
- Protection of the US and global financial stability and mitigation of systemic risk
- The mitigation of illicit finance and national security risks posed by the illegal use of digital assets
- Promotion of US leadership in technology and economic competitiveness to reinforce US leadership in the global financial system
- Promotion of equitable access to safe and affordable financial services
- Supporting technology advances and ensuring responsible development and use of digital assets
- Exploration of a US Central Bank Digital Currency
Additionally, according to a report by Blockworks, the United States is now ranked first in mining as the country now controls 35% of the total Bitcoin hash rate ahead of Kazakhastan.
Source: Read Full Article