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The worldâs largest cryptocurrency Bitcoin (BTC) has been struggling under the $50,000 levels. After Tesla dropping BTC payments earlier this week, BTC registered more than a 15% price crash and is currently trading 3.64% down at $48,703 with a market cap of $911 billion.
On the other hand, Bitcoin (BTC) whale transactions have been ascending steeply. As per on-chain data provider Santiment, the Bitcoin whale transactions over $1 million are approaching another all-time high.
#Bitcoin is still dancing around the $50k psychological support, and traders are reacting to the potential of trading in the $40k's once again this weekend. Our data indicates that the amount of whale transactions over $1m is staying historically high. https://t.co/gkaG8cFFHS pic.twitter.com/FLnHohNfag
â Santiment (@santimentfeed) May 15, 2021
CryptoQuant CEO Ki-Young Ju recently noted that long-term Bitcoin investors donât need to worry since most of the institutional investors in the U.S. have purchased it above $50,000 levels. However, he noted that derivative traders have to be careful in the short term since the number of whale deposits on the exchange has been increasing.
If you're a long-term $BTC investor, don't worry. Your portfolio is the same as institutional investors in the States.
If you're a derivative trader, be careful in the short term. (Relatively speaking) whales are depositing $BTC to exchanges.
Charthttps://t.co/85uqqy8KLQ pic.twitter.com/RKjUAiganR
â Ki Young Ju ìŁŒêž°ì (@ki_young_ju) May 14, 2021
Earlier today, Chinese crypto analyst Wu Blockchain noted that Bitcoinâs dominance in the overall crypto space has dropped to under 40% for the very first time in three years. This happens as altcoins continue to gain strength over the worldâs largest crypto.
Bitcoin's market capitalization accounted for 39.9% on May 15, which was the first time it fell below 40% since June 15, 2018. https://t.co/C2rcOdNJ6F pic.twitter.com/kCdWThWrFU
â Wu Blockchain (@WuBlockchain) May 15, 2021
A Look Into the Institutional Positions In Bitcoin (BTC)
Over the last few months, institutional buying in Bitcoin has continued mostly at levels around $55,000. As Wu Blockchain notes institutions that have purchased Bitcoin after March are currently under losses with the recent BTC price crash. However, one Chinese firm Meitu has managed to offset these losses by purchasing a good quantity in Ethereum (ETH).
In March 2021, Meitu announced the purchase of an additional 16,000 $ETH for $28.4 million and 386 $BTC for $21.6 million. This makes Meitu the first public listed firm to invest heavily in Ethereum (ETH). Wu Blockchain writes:
âInstitutions that bought Bitcoin after March have suffered losses due to the recent sharp drop. However, the Chinese listed company Meitu took out more funds to invest in Ethereum in April, so it gained 3x the income, offsetting the losses caused by Bitcoinâ.
The post Bitcoin (BTC) Transactions Worth Over $1 Million Hit All-Time High As BTC Price Struggles to Hold at $50,000 appeared first on Coingape.
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