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Unprecedented Bitcoin Movement To Strong Holders Is Taking Place


cryptogazette.com 09 May 2021 13:49, UTC
Reading time: ~2 m

Bitcoin’s 2021 bullish trajectory is making waves in the crypto space. The king coin has been seeing numerous ATHs this year and things continue to go great regarding the mass adoption of BTC as well.

This time, unlike 2017, there are tons of big players involved and the popularity of Bitcoin continues to rise.

We’ve recently reported that BTC is set to hit lots of US banks.

Bitcoin to reach the US banks in a massive adoption wave

CNBC learned that Bitcoin could be taking another massive step towards the mainstream adoption in 2021.

It’s been revealed that the customers of some US banks will be able to buy, hold and sell BTC via their already existing accounts, says crypto custody firm NYDIG.

The company is a subsidiary of $10 billion New York-based asset manager Stone Ridge, and it has partnered with fintech giant Fidelity National Information Services (FIS) to enable U.S. banks to offer BTC in the coming months, according to the two firms.

CNBC says that “Hundreds of banks are already enrolled in the program, according to Patrick Sells, head of bank solutions at NYDIG.”

Bitcoin’s movement to strong holders is unprecedented

Crypto analyst Willy Woo just noted that the movement of Bitcoins to strong hands in 2021 is without precedent. Check out the tweet that he shared on his social media account, citing data from Glassnode.

This cycle is different; the movement of coins to strong holders is unprecedented.

Chart: purple line tracks coins moving between weak and strong hands (running total over 128 days)

Raw data: @glassnode pic.twitter.com/xbqSMljCdC

— Willy Woo (@woonomic) May 9, 2021

He continued and noted the following:

2) Coins moving to corporate treasuries likely making an impact.

— Willy Woo (@woonomic) May 9, 2021

He also said that “Leverage markets that grew in size from 2017 may have had a part to play also. Lots of coins used moved in order to trade them, with leverage less coins need to move for the same amount of speculation.”

Woo continued and posted the following: ” In the early days of Bitcoin, it was used as a currency (Silkroad era) so makes sense coins moved between more liquid hands.”

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