![\"\"](\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2021\/02\/bitcoin_mass_reuters_1605693545004.jpg\")
<\/a><\/p>\nAs Bitcoin continues to push over the $35,000 mark, institutional investors are still holding onto their long positions, with the number of Bitcoin whales now on a record high.<\/p>\n
Since the start of the year, over 200 new whale entities have joined the network. This shows more institutions want a share of the Bitcoin windfall.<\/p>\n
\u201cThe number of\u00a0#Bitcoin<\/a>\u00a0whales (entities holding \u2265 1k\u00a0$BTC<\/a>) has seen an astounding increase,\u201d according to a Glassnode report<\/p>\n
And with the massive interest of the heavy investors, it\u2019s not surprising that the top cryptocurrency<\/a> has remained unshakable in price, despite the market being at an overboard level.<\/p>\n
As of the time of writing, the price of Bitcoin has hit $37,200, which represents a 1.2% drop in value from the previous day. The daily trading volume stands at $64.4 billion.<\/p>\n
Additionally, the supply of Bitcoin started shrinking in October last year, as available supply on exchanges also dropped significantly.<\/p>\n
The increased trading activities of Whales show that they are anticipating a further rise in the price of Bitcoin and are not in any mood to relinquish their holdings.<\/p>\n
The majority of the recent increases have been the result of institutional investors withdrawing their Bitcoin holdings<\/a> from exchanges. It\u2019s an indication that they are choosing a different way of holding their coins during this period of market volatility.<\/p>\n
In December, Glassnode revealed interesting statistics, showing that 78% of the circulating BTC supply is liquid and not accessible for buying.<\/p>\n
It shows that large amounts of BTC are being hoarded, which points to bullish investor sentiment.<\/p>\n
Since the Bitcoin rally started last year, it has shrunk by 31%. But when most people think it will shrink further, the top cryptocurrency recovered some of its lost value. Now, it\u2019s only short of its all-time high by 13.5%.<\/p>\n
Glassnode also stated that fiat-on-ramp exchanges like Coinbase<\/a> are seeing higher activities than crypto dominant exchanges like Binance<\/a>. This is an indication of new money flowing in.<\/p>\n
Institutional funds such as Grayscale are still acquiring more BTC, according to the latest reports. The largest digital asset manager has grown its assets under management figure to $30 billion. Interestingly, 80% of this growth is in Bitcoin Trust, while Ethereum purchases take 16%.<\/p>\n","protected":false},"excerpt":{"rendered":"