The number of addresses holding at least 0.1 Bitcoin has exceeded the 3-million mark for the first time
The number of addresses holding at least 0.1 Bitcoin has surpassed the 3 million mark for the first time as double hodlers for halving. Analysts adhere to the efficient market hypothesis, believing that a halving has been priced in and will not significantly affect prices.
The record number of Bitcoin hodlers are hedging their savings against central banks
However, there are those who believe the market is unreasonable and, instead, market dynamics are better described by behavioral economics – a field pioneered by Daniel Kahneman, a psychologist, who received a Nobel Prize in economics for his groundbreaking work. At the very least, for now, the latter may have the upper hand.
Interestingly, even the price cut of Monday’s price on Black Thursday did not slow the growth of addresses holding at least 0.1 BTC. Although holders of 0.1 BTC cannot be identified as whales, this growth may reflect the greater acceptance and accumulation of retail investors.
It also came at a time when central banks around the world were flooding the economy with money. This could be an attempt on the part of the public to prevent their savings against fiat currencies.
Source: Cointelegraph, Quandl
While some people find it undeniable that recent socioeconomic events will have a favorable impact on Bitcoin, only time will tell whether it is setting up for a 2017-like bull run.
CME BTC futures posted highest trading volume and open interest in a month
Amid the severe market crash on the 12th and 13th day of March, many people had relayed that Bitcoin is dead after it lost nearly 50% of its value in a single day. However, the crypto market gradually stood up from the mod, with Bitcoin reaching the $7,000 mark and more.
This price movement had resuscitated the dying interest of institutional Investors on this claimed risk-on BTC. These Investors, especially in the United States, are increasingly investing in Bitcoin futures products, according to data shared by Skew.
CME bitcoin futures volume & open interest reached a one month high yesterday
~1500 contracts were rolled from April to May, ~1200 contracts remain open for expiry later today pic.twitter.com/T2cywQBfO6
— skew (@skewdotcom) April 24, 2020
For the Chicago Mercantile Exchange, Skew revealed that CME Bitcoin futures see a significant increase. The volume has risen to its highest peak since the Bitcoin market crash in March.
The number of contracts traded on CME reached as high as 13,285, which represents about 5 Bitcoins each. According to Skew, the total amount of CME Bitcoin futures traded volume reached $485 million.
The most significant spike on CME occurred on 18 February, where the company noted $1.1 billion at least, on it traded Bitcoin contracts. This record with CME somewhat points out the increasing need amongst institutional investors to uphold contractual Bitcoin, as it offers more hedge.
The BTC wins institutional investors
Additionally, it somewhat reiterates the growing interest of the US-based Investors to upgrade or add to Bitcoin to their portfolio, probably with the government-proposed stimulus checks. The strength and high liquidity recently showed by Bitcoin might be a factor too.
Aside from CME Bitcoin futures records, the cryptocurrency made a big move on 24 April to $7,500, at least. Per the report, this single movement spurred the most significant volume increment since mid-February this year.
Bitcoin’s upcoming halving event could be another reason behind the increasing volume of BTC futures on CME. In less than one month, the rewards for Bitcoin’s mining will be reduced to 6.25 Bitcoins from the current number, 12.5 Bitcoin. This is expected to heighten the liquidity of the Bitcoin market.
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