ZB Academy：Bitcoin investors are still increasing their holdings
After experiencing the sharp rise of Bitcoin and Ethereum breaking new highs successively, Bitcoin has now suffered the biggest decline since the beginning of the year. According to ZB.com’s official market data, Bitcoin has fallen below the $30,000 mark and is now at $29,161, a 24-hour drop of 16.73%. The 24-hour price range is between $35,109 and $29,069. Ethereum is currently quoted at $1,050, a 24-hour drop of 22.57%, and the 24-hour price range is $1,361 to $1,041.
According to Glassnode’s data, in the past 7 days, the number of addresses with at least 1,000 bitcoins has increased from 2,407 to 2,438, setting a record high again. But this growth does not necessarily equate to an increase in the number of investors, because a person or entity can hold multiple addresses. At the same time, in the past week, the number of bitcoins locked in accumulation addresses increased by 30,000 to approximately 2.74 million bitcoins. Accumulation addresses are those addresses that have at least two “non-dust” transfers and have never used funds (dust refers to trivial digital assets). Of course, this indicator does not include addresses belonging to miners and exchanges, nor does it include addresses that have never been active in seven years to exclude those lost bitcoins. Based on these data, most analysts believe that because Bitcoin investors are still not deterred by the bull market suspension and continue to increase their holdings of Bitcoin, it seems unlikely that Bitcoin prices will continue to fall significantly.
For institutional investors, GBTC (Grayscale Bitcoin Trust), the largest publicly traded crypto investment trust, purchased 16,244 bitcoins (approximately $607 million) on Monday. At the same time, the move also attracted a large number of miners from the market, far more than the number of miners increased. JPMorgan said in response that Grayscale’s inflow of funds has caused the Bitcoin price to rise from $15,000 to more than $41,000 in the past three months, which is critical to the continuation of the bull market. It remains to be seen whether the continued buying by large investors will turn into the driving force of Bitcoin’s rapid recovery, but if the breakthrough is completed from the shrinking price range, it means that the bull market will continue, opening the door to the psychological barrier of $50,000.
According to news on the 20th, the European Commission and ECB (The European Central Bank) are planning to cooperate to explore potential problems that the digital euro may cause before launching the digital currency plan in the second quarter of this year. The ECB and European Commission stated in a joint statement issued on the 20th that the two EU institutions now plan to cooperate “to explore the possibility of issuing digital euros to supplement the cash and payment solutions provided by the private sector.” The statement believes that such a project will answer key design and technical questions and provide the European Central Bank with the necessary tools to be ready to issue a digital euro at any time after making a decision.
Yesterday, Signature Bank, a well-known US bank, stated that deposits of its cryptocurrency customers accounted for nearly 16% of its total deposits. On Thursday’s earnings call, Signature revealed that the total deposits of customers in the crypto industry have now reached $10 billion, twice that of California rival Silvergate Bank. Signature Bank CEO Joseph DePaolo said that the bank’s blockchain-based payment platform Signet is the main driver of deposit growth in digital asset banking, and the adoption of institutions is leading to the rapid development of the cryptocurrency industry.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank, as well as exchange brands ZBM, ZBX and Korea’s Bithi.
Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.
Learn more about ZB Group by visiting www.zb.com
