Bitcoin HODLing giants banking on yearly high
Bitcoin has, since its inception, has witnessed a lot of vicissitudes of the cryptocurrency market. And now, Bitcoin HODLing (Holding On for Dear Life) giants are creating a new precedent in the market. There had been major hallmarks in the long story of the cryptocurrency history, but none had been as substantial as the entrance of financial giants in the market.
There’s a whole list of investors and corporate giants that have contributed to a rise in bitcoin purchase and thereby influencing the price hike in the currency’s curve. Currently, these investors hold in their possession, Bitcoin worth $6.8 billion. This was not unexpected, given the fact that market investors were already looking for new ways to get their money into circulation. At the same time, other potential investment zones are being crowded up.
Platforms that monitor Bitcoin and other cryptocurrencies have detected a surge in Bitcoins’ purchase rate as larger and larger groups of investors are converting their monetary worth into crypto.
Bitcoin HODLing giants
Grayscale is among the Bitcoin HODLing giants that are now using Bitcoin as a backup to their financial assets. Greyscale alone owns over two percent of the total Bitcoin supply, giving them substantial leverage in the cryptocurrency market.
Square, a tech giant, purchased bitcoins worth 1% of its net worth, which amounts to $50 million. Taking the example of Galaxy Digital Holdings, a leading investor group that has grown its crypto assets to a whopping $4.9 billion, and Microstrategy, another group having stashed up to $425 million in the form of bitcoins, a fast-developing love for bitcoins can clearly be seen in large financial sectors.
While there is also word among the analysts that the Bitcoin HODLing giants are on an accumulation spree owing to the anticipated yearly high, historically, Bitcoin price rises in the last quarter of every year since 2017. The recent spike in the price is also pointing towards an incoming new high.