Značka: Willy Woo

Bitcoin holdings of public companies have surged in 2021

The quantity of Bitcoin held by private corporations has increased significantly during 2021, building on increases from the previous year. In a Jan. 3 tweet, on-chain analyst Willy Woo claimed that public companies holding “significant BTC have gained market share from spot ETFs as a way to access BTC exposure on public equity markets”. This has been more noticeable since MicroStrategy’s “Bitcoin for Corporations” conference on Feb. 3 and 4, 2021. The online seminar aimed to explain the legal considerations for firms seeking to integrate Bitcoin into their businesses and reserves.Michael Saylor’s MicroStrategy is a leading business intelligence firm and is known for being particularly bullish on BTC, owning almost $6 billion in crypto assets.On Dec 30, Saylor’s firm purchased a further 1,914 BTC worth $94 million. The company has gained more than $2.1 billion in profit since its initial BTpurchase in August 2020. Woo referenced a chart of BTC holdings inside ETFs and public company treasuries available for public ownership via equity markets, based on crowdsourced corporate treasury data. Spot Exchange Traded Funds (ETFs) hold BTC, as opposed to Futures, in which companies purchase exposure via contracts from the CME futures market. Since MicroStrategy’s “Bitcoin for Corporations” conference in Feb 2021, public companies* holding significant BTC have gained market share from spot ETFs** as a way to access BTC exposure on public equity markets.* MicroStrategy & public mining companies** Mainly Grayscale pic.twitter.com/e18OEfgiEW— Willy Woo (@woonomic) January 2, 2022The data shows that digital currency asset management company Grayscale has gained the highest market share by a landslide, at 645,199 BTC by the end of 2021. This took up 71% of the wider market, as holdings of all spot ETFs and corporations together totaled 903,988 BTC according to the chart. Related: Missed out on hot crypto stocks in 2021? It paid just to buy Bitcoin and Ethereum, data showsMicroStrategy is the largest corporate investor, holding 124,391 BTC valued at around $5.8 billion according to BitcoinTreasuries. Second-placed Tesla holds around 43,200 coins worth roughly $2 billion at current prices. During 2020, the amount of BTC held by public companies surged 400% in 12 months to $3.6 billion as reported by Cointelegraph.

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Don't expect retail sell-off to crash Bitcoin price — analyst

Those expecting another Bitcoin (BTC) speculative price dip are looking in the wrong place, one of the industry’s best-known analysts suggests.In a Twitter discussion on Dec. 20, Willy Woo, creator of on-chain data resource Woobull, said that popular retail exchanges will not spark a further BTC price rout.U.S. retail stays calm throughout the routWoo was debating the odds of fresh downside with veteran trader Peter Brandt, a commentator revered for calling Bitcoin price bottoms in recent years.Brandt argued that volume spikes which accompany price crashes have been absent in December versus previous episodes. As such, the “real” capitulation phase is yet to occur.Responding, Woo argued that speculative derivatives traders had featured in the cascade to $41,800 earlier this month, while retail investors continued to hold BTC. As such, volume data from Coinbase or other retail platforms does not serve as a suitable indicator for an imminent dip.”That’s a Coinbase chart, sell pressure has been from deleveraging on futures markets, also more on Asian spot exchanges,” he wrote. “Overall no signs yet of an on-chain sell off (HODLers holdling, speculative investors took profits). Effectively a consolidation under weak December liquidity.”Implications of volumeKey bottoms in $BTC have occurred with high volume panic capitulationThat has (yet???) to happen Thoughts??? pic.twitter.com/dYmDNADxuP— Peter Brandt (@PeterLBrandt) December 20, 2021Brandt appeared to acknowledge the nuance.Open interest creeps higherAs Cointelegraph reported, meanwhile, retail traders have been buying throughout the past several weeks, as evidenced by wallets with 1 BTC or less adding to their balances.Related: Bitcoin wobbles below $46K as 1 BTC passes 800K Turkish lira for the first timeWith whales biding their time, derivatives appear to be regaining confidence, with Bitcoin futures open interest steadily rising since the dip.Bitcoin futures open interest chart. Source: CoinglassThe Grayscale Bitcoin Trust, meanwhile, is trading at its biggest-ever discount to net asset value in history this week.

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