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Big Institutions Are Buying Bitcoin Rapidly - There Aren't Enough BTC For Everyone.
2021-03-03 | Eddy Morgan
“This has never happened before for such a long period of time, and will cause a huge supply squeeze soon,” Glassnode added on 26th Feb. within its weekly newsletter.The Bitcoin blockchain’s third halving since last May reducing the pace of mining rewards to 6.25 BTC for each data block [roughly every 10 minutes] from 12.5 BTC. At the same time, big Wall Street firms like Goldman Sachs, Citigroup, and BlackRock are now dabbling in crypto assets, while the payment giants PayPal and Square’s Cash App have permitted their users to purchase and sell the crypto assets. Earlier on Monday, Daniel Loeb, CEO and founding father of the hedge fund Third Point explained within a series of tweets that he was taking a “deep dive into the crypto ecosystem.” Alessandro Andreotti, an OTC [Over-the-Counter] bitcoin broker, added that “institutions are purchasing more bitcoin per month than those that are being mined, and they're just isn’t enough for everyone.”
“This is the biggest factor that has been driving bitcoin’s price up lately,” he explained.The supply dynamic could prove crucial to restoring a bull tone to the bitcoin market after last week’s price correction shook some retail investors’ confidence. The sell-off took bitcoin to close to $43k, down 26% from an all-time high price over $58k earlier on 21st Feb. Compared with bitcoin’s last big market correction observed earlier in January, fewer long-term bitcoin holders seemed to be reducing their positions or taking profits last week, consistent with Glassnode. This will be seen within the chart below, where the shaded red area - indicating an edge reduction by long-term holders - has been moving back toward a neutral footing.
