06.12.2021

Whales are actively buying bitcoin despite the uncertainty with the regulation in the United States

While there is uncertainty in the US regarding a new initiative to tax representatives of the cryptoindustry, large investors are not afraid of the likelihood of a negative outcome and are actively buying bitcoin.

Glassnode analyzed the Bitcoin blockchain and noticed an increase in activity from large investors.

Analysts noted that big capital is behind the recent rise in bitcoin, which is not afraid of tightening regulation of the crypto industry in the United States.

Analytical company Glassnode analyzed the activity in the Bitcoin blockchain and came to the conclusion that the volume of transactions on the network in the amount of at least $ 1 million has grown by 10% since the beginning of August. At the moment, these transfers account for 70% of the total value of all transactions on the blockchain.

The average value of the volume of BTC transfers worth at least $ 1 million.

At the same time, the share of small bitcoin transactions, on the contrary, decreased. If in July they accounted for 70% of the total cost of all transfers, now the figure has dropped to about 30-40%.

Average total value of all transactions less than $ 1 million.

The trend towards the activation of large players and the rise in the price of BTC indicate that cryptocurrency investors are positive about the further development of the industry.

“Investors pay attention to the positive aspects of regulation, not the negative ones ,” said the strategist of the institutional crypto exchange LMAX Digital.

The Efficient Frontier CEO said financial institutions welcome clear and fair regulation.

“The recent rise in prices in the crypto market suggests that investors are not afraid of regulation,” he added.

What’s more, Bloomberg Intelligence Chief Commodities Strategist Mike McGlone believes any possible US regulation of cryptocurrency will favor Bitcoin and Ethereum.

“What worries us? The crypto market expects the US to do the right thing. Any moves by the US to regulate cryptoassets are likely to support the updated upward trajectories of Bitcoin and Ethereum, “ McGlone wrote.

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