Bitcoin-small-tree

Bitcoin is turning positive as signs of accumulation grow

The latest mining data has shown that Bitcoin miners have shifted their direction from selling to accumulating Bitcoins in the midst of a shortage of BTC supply on exchanges today.

According to data from crypto analysis firm Glassnode, Bitcoin (BTC) miners stopped selling their Bitcoin miners last week, in order to accumulate. This shows that, Bitcoin will soon return, bullish signs are very positive.

In fact, what the market is doing to the crypto markets has been made all too clear, demand is currently at an all-time high.

Organizations like Grayscale and MicroStrategy went on to hoard BTC and other cryptocurrencies in a dizzying pace. In just one day, February 14, Grayscale bought another 53,000 ETH. Total crypto assets under management (AUM), currently exceeds $ 36.6 billion. Furthermore, Grayscale recently conducted a review of 23 cryptocurrencies for new investment products.

MicroStrategy is no less competitive, as it consistently outpaces other major institutions with its series of constant investments in Bitcoin. The latest wave is MicroStrategy completing a $ 1.05 billion loan to buy Bitcoin and “pocket money,” accumulating another $ 1 billion BTC. Even Michael Saylor, CEO of MicroStrategy, sees Bitcoin as the encryption key to opening a new life.

Based on the above data, it shows us that this large buying volume is causing a significant shortage of supply. Combined, both Grayscale and MicroStrategy is aiming to own more than 10% of the total Bitcoin supply.
If supply is less than demand, the price increases. For now, all signs, both the demand and the supply side, suggest that the bulls will continue to push prices back from the correction and towards the establishment of new highs for Bitcoin.

Leave a Reply

Your email address will not be published. Required fields are marked *