Bitcoin, the world’s largest cryptocurrency by market capitalization, has been on a rollercoaster ride lately. From soaring to an all-time high of nearly $65,000 in April 2021 to dropping to as low as $28,000 in June, Bitcoin has left investors wondering what the future holds. However, recent developments suggest that the cryptocurrency could be taking a bullish turn as institutional interest and MicroStrategy’s accumulation of BTC grows.
Institutional Interest in Bitcoin
Institutional investors, such as hedge funds and asset managers, have been increasingly interested in Bitcoin. In the past, institutions have been wary of Bitcoin due to its perceived volatility and lack of regulation. However, as Bitcoin has become more mainstream, institutional interest has grown.
According to a recent report by CoinShares, institutional investment in Bitcoin reached a new high of $4.5 billion in the first quarter of 2021. The report also noted that institutional investors are now the largest buyers of Bitcoin, accounting for over 80% of all Bitcoin purchases.
Whale Movement on the Network
Another factor that suggests a bullish turn for Bitcoin is the growing whale movement on the network. Whales are individuals or entities that hold a large amount of Bitcoin. When whales move their Bitcoin, it can signal a shift in the market.
Recently, there has been a significant increase in whale movement on the Bitcoin network. According to data from Glassnode, the number of Bitcoin whales holding at least 1,000 BTC has reached an all-time high of 2,324. This suggests that large investors are becoming increasingly bullish on Bitcoin.
MicroStrategy’s Accumulation of BTC
One of the most notable whales in the Bitcoin market is MicroStrategy, a publicly-traded business intelligence company. MicroStrategy has been accumulating Bitcoin since August 2020, and as of March 2021, the company holds over 91,000 BTC, worth over $5 billion.
MicroStrategy’s CEO, Michael Saylor, has been a vocal advocate for Bitcoin, often touting its benefits over traditional currencies. Saylor has also encouraged other companies to follow MicroStrategy’s lead and invest in Bitcoin.
Bitcoin’s recent developments suggest that the cryptocurrency could be taking a bullish turn. Institutional interest in Bitcoin has grown significantly, with institutions now accounting for the majority of Bitcoin purchases. The growing number of Bitcoin whales holding at least 1,000 BTC also indicates a shift in the market. Furthermore, MicroStrategy’s accumulation of BTC suggests that other companies may follow suit and invest in Bitcoin. While the cryptocurrency market is notoriously volatile, these recent developments provide hope that Bitcoin could see another surge in value in the near future.