The assets of investors holding more than 1000 Bitcoin (BTC) have been updated to the highest of 2021. During the week, the whales increased their stocks by a total of 142,000 BTC. The blockchain analytics firm Chainalysis reports.
According to the report, the whales quickly increased stocks at the beginning of the year, adding 185,000 BTC by the beginning of February. Then they sold and bought according to price cycles. Experts also noted that from October 25, within a week they replenished assets by 142,000 BTC.
The graph indicates the perception of the first cryptocurrency as digital gold. As well as that the institutions are focusing on its long-term price prospects, the company is confident. On the other hand, “Bitcoin usage has not reached the sophistication of Ethereum or other Layer 1 assets.”
Crypto is becoming mainstream
Analysts also pointed out that crypto is becoming mainstream and the industry consists of both native and traditional companies. There is currently a Bitcoin exchange-traded fund (ETF). Decentralized finance (DeFi) and non-fungible token (NFT) demonstrate new use cases. Moreover, the outlines of Web 3.0 are becoming clearer.
According to Chainalysis, Bitcoin should be used not only as “capital for Web 3.0”. But also to be useful “in more innovative areas of the crypto industry.”
Thus, the mass adoption of cryptocurrencies continues. Not only whales, but also retail investors are showing a growing demand for Bitcoin. The number of the latter is steadily growing.
The company’s first crypto acquisition
Earlier, the weekly inflow of funds to BTC-based funds amounted to $225 million. In total, products based on digital assets account for $226 million, according to CoinShares. BTC products dominated inflows for the third week in a row, with a 227% week-over-week increase. A week earlier, these values were $69 million and $90 million, respectively.
Recall that Chainalysis last month replenished its reserves with an unspecified quantity of Bitcoins. In fact, “This is Chainalysis’ first cryptocurrency acquisition. Hence, we will continue to look for new digital assets to invest in in the future”, stated CEO Michael Gronager.
The company stated in a blog post on Tuesday that it will expand its cooperation with the New York Digital Investment Group, or NYDIG. In order to buy an unannounced quantity of BTC, which hit a five-month high of $63,293 earlier that day.