Delphi Digital, which addresses the sphere of digital asset consulting, revealed the inspiring takeaways from its recent State of Bitcoin 2020 report.
Exchanges, Custodies, Whales
According to the experts at Delphi Digital, three factors determine the current landscape of Bitcoin (BTC):
4/ The growth in both, the supply sitting in wallets with 1k-10k BTC and the growth in the # of wallets holding 1k-10k BTC is worth looking into further. Some likely causes we explore:— Yan Liberman, CFA (@YanLiberman) May 16, 2020
1) BTC moving to exchanges
2) BTC moving into custody solutions
3) accumulation by whales
First of all, Bitcoins (BTC) are moving within cryptocurrency exchanges. Multiple sorts of custody solutions are also experiencing a meaningful influx from flagship cryptocurrencies.
Moreover, the richest Bitcoin (BTC) wallets are going through a stage of accumulation.
These conclusions are based on data regarding the allocation of Bitcoins (BTC) and wallets of different sizes. Glassnode and Coinmetrics statistics were used in the Delphi Digital report.
Difficult Not be Bullish
Speaking on the results of the study, Delphi Digital's Co-Founder Yan Liberman highlighted his bullish indicators.
This is not only for on-chain metrics, but also the sentiment of macro investors, which looks incredibly positive for the analyst:
The holder base is in a good position to maximize the impact new demand has on price. Coupling that w/ the macro backdrop and investments/endorsements from the likes of PTJ makes it difficult to not be bullish BTC.
As previously reported by U.Today, billionaire Paul Tudor Jones excited the crypto community by allocating about 2% of his net worth in the crypto king.
This speech even resulted in a short-term rally above $10,000 for Bitcoin (BTC) on May 7, 2020.