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Bitcoin Whales Are Accumulating Behind The Scenes Adding 50,000 BTC to Their Wallets

Another shocking tweet by Tesla CEO Elon Musk lead to Bitcoin (BTC) plunged by more than 5% after touching the $40,000 level.

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Bitcoin (BTC) plunged by more than 5% after touching the $40,000 level. Tesla CEO Elon Musk tweeted the lyrics of “In the End,” a chart-topping song by rock band Linkin Park, attached with the Bitcoin hashtag and a broken heart emoji.

However, these shocking waves have engulfed the BTC market recently, did not lowering crypto whales’ spirits to accumulate more Bitcoin, as acknowledged by Santiment. The on-chain metrics provider explained:

“Bitcoin continues to range in the $37k to $39k range, but whales are accumulating behind the scenes. Addresses with 100 to 10k BTC have added 50,000 total BTC to their wallets, or ~$1.95bn.”

Furthermore, on-chain analyst William Clemente III recently revealed that BTC supply was getting back to long-term holders, which depicted a bullish sign.

The tussle between bulls and bears

Bitcoin was down by 6% in the last 24 hours to trade at $36,518 during the intraday, according to CoinMarketCap.

Therefore, It has been a tussle between bulls and bears in the Bitcoin market after the leading cryptocurrency dropped to lows of $30k on May 19 from an all-time high (ATH) of %64.8k recorded in mid-April.

Market analyst Michaël van de Poppe believes that BTC needs to regain the $37.3 area and witness a drop to another relative low of $34k. He stated:

“Bitcoin didn’t break through resistance and lost the $37,300 area, which I find important. I’d like to see Bitcoin regain that level in order to test the resistance at $40K again. If that’s not possible, we’re looking at $34K for another higher low.”

It remains to be viewed how Bitcoin will play out in the short term and whether it will regain momentum to continue hitting new ATHs in 2021, as some pundits and analysts had given BTC a target of $100k before the close of the year.

Image source: Shutterstock

Source: https://blockchain.news/analysis/bitcoin-whales-are-accumulating-behind-the-scenes-adding-50-000-btc-to-their-wallets

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Long-Term Bitcoin Holders Keep Stacking While Short-Term Holders Keep Selling

On-chain analyst William Clemente III revealed that long-term holders keep on stacking as short-term holders keep on selling.

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Bitcoin (BTC) has spent the last two months ranging between $30,000 and $40,000.

It, therefore, shows that bulls and bears have been embroidered in a tussle, and William Clemente III acknowledged this fact. The on-chain analyst explained:

“Long Term Holders keep stacking: +20,969 BTC to their holdings today, +145,021 BTC to their holdings in the last week, and +397,487 BTC to their holdings in the last month.”

He added:

“Short Term Holders keep selling: -15,085 BTC from their holdings today, -112,950 BTC from their holdings in the last week, and -428,749 BTC from their holdings in the last month.”

These statistics show that as long-term holders continue buying more Bitcoin, their short-term counterparts are offloading their holdings.

Crypto data provider Dilution-proof recently disclosed that short-term holders were selling at a net loss since May 13.

Total fees paid on the Bitcoin network hit an 11-month low

According to on-chain metrics provider Glassnode, the BTC total fees reached an 11-month low of 1.488 BTC.

This is related to recent the market crash, which drove Bitcoin price from an all-time high (ATH) of $64.8k to lows of $30k on May 19.

Google searches for legal tender reached an ATH. Lucas Outumuro, a senior analyst at IntoTheBlock, acknowledged that google searches for “legal tender” had gone through the roof. He stated:

“The World is paying attention. Google searches for “legal tender” hit a new high following El Salvador’s Bitcoin Law.”

El Salvador recently became the first country to adopt Bitcoin as legal tender. This move is expected to generate jobs in a nation where 70% of the population works in the informal economy and does not hold a bank account.

Furthermore, it is anticipated to be a way that offers access to investment, savings, credit, and secure transactions.

Image source: Shutterstock

Source: https://blockchain.news/analysis/long-term-bitcoin-holders-keep-stacking-while-short-term-holders-keep-selling

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13.38% of Bitcoin’s Money Supply Has Now Moved Between $31K and $40K

On-chain analyst William Clemente III disclosed that 13.38% of Bitcoin’s circulating supply standing at 18.73 million BTC has moved between the $31k and $40k range.

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Bitcoin’s consolidation between the $30,000 and $40,000 area continues, while the leading cryptocurrency was hovering around $36.8K during intraday trading, according to CoinMarketCap.

On-chain analyst William Clemente III disclosed that 13.38% of Bitcoin’s circulating supply standing at 18.73 million BTC has moved between the $31K and $40K range. He explained:

“13.38% of Bitcoin’s money supply has now moved between $31K-$40K. A lot of distribution at 35K-36K, wouldn’t want to flip that into resistance.”

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The analyst, however, cautioned about this significant supply flipping to resistance, which could jeopardise Bitcoin’s upward rally.

Chris Weston, the head of research at Melbourne-based broker Pepperstone Financial Pty, recently asserted that BTC should trade above $40K for bulls to feel that they are out of vulnerability.

The percent of Bitcoin supply in profit hit a 13-month low

According to on-chain metrics provider Glassnode:

“The percent of Bitcoin supply in profit (7d MA) just reached a 13-month low of 72.140%.”

The recent market crash, which saw BTC nosedive from a record-high of $64.8K to lows of $30K, wiped profits of many investors, and miners were not spared either.

Reportedly, Bitcoin miners’ wallet net flows were increasingly turning negative.

This downtrend in the BTC market is also set to make the Q2 of 2021 record a negative, as acknowledged by Skew. The crypto data provider noted:

“Bitcoin is on track for its first down quarter since Q1 2020.”

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Meanwhile, US institutional Bitcoin demand had dried up because American-based crypto exchange Coinbase was experiencing more inflows.

According to a recent weekly report by digital asset firm CoinShares, institutional investors continued to reduce their long positions in BTC. The net outflow reached a record of $141.4 million in the past week.

Furthermore, that whale holdings of more than 1,000 BTC had been dropping since February. It, therefore, remains to be seen whether BTC will attract more institutional investors to spur an upward move.

Image source: Shutterstock

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Source: https://blockchain.news/analysis/13.38-percent-bitcoin-money-supply-has-now-moved-between-31k-and-40k

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China’s CBDC Testing Advances along 19.25M Yuan Distribute to Residents

The Digital Yuan testing is extending to Shanghai as residents will be given free money worth 19.25 million yuan.

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China is set to take its Digital Yuan pilot tests to Shanghai to pursue Central Bank Digital Currency (CBDC).

According to the Information Office of Shanghai Municipality, the latest proposed trial test will see the region give out as much as 19.25 million yuan (about 3 million U.S. dollars) in digital currency to consumers in the city through a lottery system.

China is one of the major economies that has advanced in its developmental strides per its government-backed digital Yuan pursuits. Ranking as one of the pioneers of the CBDC innovation, China has entered into the retail testing of its Digital Yuan. Residents get to use the new form of legal tender for small-scaled retail payments in its major cities, including Shenzhen. The same program is on track for the residents of Shanghai.

According to the announcement made on the official WeChat account, a total of 350,000 digital red envelopes, each containing 55 yuan of digital currency, will be given to lottery winners. This cash is non-refundable, and the program is in collaboration with the Industrial and Commercial Bank of China Shanghai Branch and the cloud service of the Bank of Communications Shanghai Branch.

While the early testing through the lottery system was not without hitches, China has primarily advanced integrating the Digital Yuan into people’s lives. The People’s Bank of China (PBoC) has not announced the date it will officially launch the Digital Yuan.

However, there are plans to make the new form of money available at the Beijing Olympics scheduled to hold in 2022. At the historical games, the Digital Yuan will be made available to foreign athletes and visitors, marking the first time the CBDC will be open to non-Chinese residents.

The Asian giant has been stiffening its crypto regulations lately, as analysts believe this new crop of regulations was launched to help pave the way for the soon-to-be-launched Digital Yuan.

Image source: Shutterstock

While the early testing through the lottery system was not without hitches, China has primarily advanced integrating the Digital Yuan into people’s lives. The People’s Bank of China (PBoC) has not announced the date it will officially launch the Digital Yuan.

Source: https://blockchain.news/news/chinas-cbdc-testing-advances-19.25m-yuan-distribute-residents

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