Glassnode reviewed that after breaking an all-time high hours earlier, 2,425 wallets with more than 1,000 bitcoins broke a whole new record.
This weekend, Bitcoin wallets with more than $ 1,000 BTC broke all-time highs twice in less than 24 hours, which means there is an increasing interest in the cryptocurrency from institutional and high-net-worth investors. This info appears in a Glassnode tweet.
The number of Bitcoin addresses with more than 1,000 BTC reached an all-time high (ATH) of 2,425 addresses. Next, Glassnode also stated that the previous record was left behind on the same day, with 2,424 addresses. To reach this wallet size, investors might manage a sum that surpasses the $ 36 million in Bitcoin investments.
At the moment, there is a narrative circling in the crypto space that relates to the entry of large-scale and institutional investors into Bitcoin. According to the BeInCrypto media, this is a kind of starting gate to the widespread adoption of the main cryptocurrency with the goal of growth of institutional wealth. This growth keeps being a positive factor in moments like these, with such a price currently in context.
What BeInCrypto and Glassnode are trying to tell is that there are no more old-school wallets with large amounts of BTC under their control. The sources say there is a new generation of investors starting life in this market, right on time when bitcoin reaches the highest prices ever.
More users are Starting to View Bitcoin from a Specific store of Value Perspective
One of the causes of the increase in institutional adoption could be a greater understanding of cryptocurrency. More users are starting to view Bitcoin from a specific store of value perspective rather than seeing it as a currency with the ability to transfer such value.
From these assumptions, Bitcoin is the target of many investors that see this store of value as a better alternative than gold, with more solid stability when it comes to saving properties and security.
An example of this is the case of MicroStrategy CEO Michael Saylor, which was one of the first business players that chose to enter this crypto-world. Saylor was first skeptical of Bitcoin, but he ended up investing more than $ 1 billion of MicroStrategy’s treasury reserve assets in BTC. The firm is the first publicly-traded company to achieve this characteristic.
On an individual level, Saylor does not stand behind the curtains. The manager also possesses an investment of hundreds of millions of his wealth in Bitcoin.
There is expansive media coverage for this Bitcoin high-peaks. Glassnode’s all-time high break metric does not only appear in BeInCrypto’s report. There is huge media coverage of this event, and each report talks about it from their perspectives and visions.
According to the media, these gains may have been the product of a drastic change in the flow of capital from Bitcoin to these currencies. These violent changes in the flow of capital may lead to an escalation of the prices.
By: Jenson Nuñez
