Bitcoin (BTC) hits a new all-time high

Bitcoin (BTC) hits a new all-time high

According to a report from network data aggregator Glassnode, Bitcoin reached a new all-time high this week, linked to the illiquid supply of BTC held in cold wallets on crypto exchanges.

In a tweet from the company’s analytics team, it says that a divergence has been noted between bitcoin balances on exchanges and the illiquid supply of BTC.

This week, the Bitcoin supply with no history of spending hit ATH of 15.2 million. As for the balances on the trading floors, they have bottomed since the beginning of 2018. At the time of writing, this figure is 2.3 million BTC.

Bitcoin (BTC) hits a new all-time high

Hodlers Accumulate Bitcoin Fast and Steady

Glassnode also reported that BTC hodlers are buying approximately 42,200 bitcoins per month: “the price-insensitive class is consuming a non-trivial portion of the currently available supply.”

This active incremental buying process began about two years ago, and Glassnode believes that investors can continue buying BTC for another six months or even a year.

“The Big Players Are Coming”

Renowned crypto trader and analyst Michael van de Poppe reminded his followers that “the big players are competing” for bitcoin. Fund management company BlackRock recently filed for a bitcoin ETF, and Fidelity is rumored to be doing the same soon. Invesco and WisdomTree have also applied to create a Bitcoin ETF. Deutsche Bank is seeking a license to provide custody services for cryptocurrencies.

In addition, Fidelity, Citadel and Schwab have joined forces to launch the EDX cryptocurrency exchange. All of this pushed Bitcoin up over $29,000 and is now trading close to the $30,000 level.

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