Bitcoin has surged 5% this morning and is making its way to $40,000 levels. The price of BTC currently stands at $39,607, and its market capitalization is $407 billion. Over the last week, Bitcoin (BTC) has added nearly $6000 to its price in a catch-up rally with Ethereum (ETH) which hit a new ATH earlier today of $1750.
The whales are eating into the holdings of retail investors as BTC inches closer to new highs. ?? Interestingly, the rally has triggered a FOMO among small players notes on-chain data provider Santiment.
?? The whales of #Bitcoin (1,000+ $BTC addresses) haven't stopped accumulating, while the mid-tier traders (10-1,000 $BTC) haven't stopped taking profit as its price hovers around $38,000. Meanwhile, the small addresses have been #FOMO'ing back in rapidly! https://t.co/GmBoJjByhB pic.twitter.com/hgiogTqD9y
— Santiment (@santimentfeed) February 5, 2021
As CoinGape reported earlier this week, the whale address with over 1K BTC has surpassed the mid-tier addresses for the very first time in history. On the flip side of that, as big players accumulate Bitcoin, they are transferring it to cold storage as the exchange supply continues to drop. COINBASE Pro Exchange registers massive Bitcoin outflow on Friday, February 5 following massive OTC deals.
Coinbase Pro Exchange Registers Massive Bitcoin Outflow
On Friday, February 5, the Coinbase Pro exchange saw a massive $15K BTC outflow following large OTC deals on the platform. Something went wrong. Please try again later.
15k Coinbase outflow at 37,413.
It seems like lots of OTC deals are on-going lately.$BTC pic.twitter.com/rAZlEtzO4t
— Ki Young Ju ??? (@ki_young_ju) February 5, 2021
About 78% of the issued bitcoins are either lost or being hoarded, leaving less than 4 million bitcoins to be distributed among future entrants (including retail). The SP500, Paypal, Square, ETFs, and other companies (including the S&P 500). Another interesting development was revealed on Friday: Twitter CEO Jack Dorsey now owns a complete node of Bitcoin on his site.
Float in the network is drying up faster than ever.
Currently about 78% of issued $bitcoin’s are either lost or being hodled, leaving less than 4M bitcoins to be shared amongst future market entrants (incl. Paypal, Square, SP500 Companies, ETF’s, etc). pic.twitter.com/hCtEqQOEEl
— Yann & Jan (@Negentropic_) February 5, 2021
Another interesting development on Friday was that Twitter CEO Jack Dorsey announced that he now owns a complete Bitcoin node. By press time, BTC is trading up 5.23% at $39,607 and valued at $407 billion. Bitcoin (BTC) added nearly $6000 to its price last week during a catch-up rally with Ethereum (ETH) which reached a new ATH earlier today of $1750.
Running #bitcoin pic.twitter.com/W51ga3yrKb
— jack (@jack) February 5, 2021
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