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Whales took advantage of falling Bitcoin prices to accumulate, on-chain data from GlassNode<\/em> reveals.<\/strong><\/p>\n On Feb 28, the Bitcoin price cratered below $44k, forcing some traders to liquidate their positions and book profits.<\/p>\n Amid the panic, whales were buoyant and confident, scooping BTC at a discount.<\/p>\n According to GlassNode<\/em>, there was a sharp spike in the illiquid supply of Bitcoin, indicating the shift of ownership from hot traders to more conservative HODLers.<\/p>\n Interestingly, although the number of whales\u2014or illiquid supply of Bitcoin, is lower than January’s, the expansion of the number of addresses traditionally holding–especially at the recent contraction– suggests general market confidence.<\/p>\n In return, this could see the Bitcoin price recover from February lows towards $58k.<\/p>\n At the tail-end of February, MicroStrategy, and Square, as BTCManager reported, cumulatively bought over $1.17 billion of BTC.<\/p>\n Their involvement and support from CEOs, especially Michael Saylor, is a net positive not only for the ecosystem but as a means of outreach. They both have a considerable following.<\/p>\n Coinciding with their accumulation is the Federal Reserve (FED) re-affirmation that the economy is weak and needs fiscal support.<\/p>\n Accordingly, despite inflation fears and more administration of the Coronavirus vaccine, the United States government will release an additional $1.9 trillion over several years to prime the economy.<\/p>\n In return, this will most likely force inflation higher towards the two percent target\u2014or higher in the coming months.<\/p>\n The minting of money out of thin air cements Bitcoin’s true value proposition. In a recent report, Citi Bank\u2014a global bank, said Bitcoin might evolve to dominate international trade.<\/p>\n An extract from the report reads:<\/p>\nHODLers Bought the Dip When BTC\/USD Fell Below $44k<\/strong><\/h2>\n
The Institutional Push<\/strong><\/h2>\n
Citi: Bitcoin May Become an International Trade Currency<\/strong><\/h2>\n
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