{"id":32865,"date":"2020-12-04T19:43:59","date_gmt":"2020-12-04T17:43:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=32865"},"modified":"2025-08-28T10:51:09","modified_gmt":"2025-08-28T07:51:09","slug":"opinion-institutions-absorb-bitcoin-whale-selling-as-price-edges-toward-20000","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/opinion-institutions-absorb-bitcoin-whale-selling-as-price-edges-toward-20000\/","title":{"rendered":"Opinion: Institutions absorb bitcoin-whale selling as price edges toward $20,000"},"content":{"rendered":"<p>Grayscale Investments bought 7,188 BTC into its Bitcoin Trust in a single day. During November, 55,015 BTC were purchased, nearly twice the amount mined by miners in the period (27,881 BTC).<!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">.<a href=\"https:\/\/twitter.com\/Grayscale?ref_src=twsrc%5Etfw\">@Grayscale<\/a> Bitcoin Trust bought near 2 times total <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> mined during Nov 2020. <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> <a href=\"https:\/\/t.co\/GFJTwPR9Mk\">pic.twitter.com\/GFJTwPR9Mk<\/a><\/p>\n<p>\u2014 Coin98 Analytics (@Coin98Analytics) <a href=\"https:\/\/twitter.com\/Coin98Analytics\/status\/1334362982965362688?ref_src=twsrc%5Etfw\">December 3, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>From January to date, Grayscale Bitcoin Trust&#8217;s assets rose from 283.19 thousand BTC to 546.54 thousand BTC. For comparison, at the end of November the figure stood at 509.58 thousand coins.<\/p>\n<div id=\"attachment_118715\" style=\"width: 978px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-118715\" class=\"wp-image-118715 size-full\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/93.png\" alt=\"Opinion: Institutions absorb bitcoin whales' selling as price approaches $20,000\" width=\"968\" height=\"616\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/93.png 968w, https:\/\/u1f987.com\/wp-content\/uploads\/93-300x191.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/93-768x489.png 768w\" sizes=\"auto, (max-width: 968px) 100vw, 968px\" \/><\/p>\n<p id=\"caption-attachment-118715\" class=\"wp-caption-text\">Data: Grayscale, ForkLog.<\/p>\n<\/div>\n<p>On December 3, the total value of crypto assets under management by Grayscale Investments reached $12.6 billion. In the Grayscale Bitcoin Trust (GBTC), assets exceeded $10.6 billion.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">12\/03\/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.<\/p>\n<p>Total AUM: $12.6 billion<a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BCH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BCH<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ETC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ZEN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ZEN<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24LTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$LTC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24XLM&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$XLM<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24XRP&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$XRP<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ZEC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ZEC<\/a> <a href=\"https:\/\/t.co\/zse0K5NbZY\">pic.twitter.com\/zse0K5NbZY<\/a><\/p>\n<p>\u2014 Grayscale (@Grayscale) <a href=\"https:\/\/twitter.com\/Grayscale\/status\/1334622062422478851?ref_src=twsrc%5Etfw\">December 3, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Beyond institutional buyers, PayPal users and Square&#8217;s Cash App could push Bitcoin to new highs. Pantera Capital analysts at the end of November <a href=\"https:\/\/u1f987.com\/en\/news\/pantera-capital-paypal-and-cash-app-driving-bitcoin-shortage\">estimated<\/a> PayPal purchases at about 40%, and those of Cash App at about 70% of the volume of newly minted bitcoins.<\/p>\n<p>Ki Young Ju, head of the CryptoQuant analytics service, noted inflows of bitcoins to exchange wallets. The downward trend observed over the previous months has been broken.<\/p>\n<p>According to the analyst, a similar pattern was seen in July. Then the price attempted to hold above $10,000 but ultimately moved sideways for a month.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">4\/ All exchanges reserve is no more going downward trend. This much uptick also happened on July 28 when the price was breaking 11k. The price got corrected after going sideways for a month. <a href=\"https:\/\/t.co\/g57gaSoGU5\">pic.twitter.com\/g57gaSoGU5<\/a><\/p>\n<p>\u2014 Ki Young Ju \uc8fc\uae30\uc601 (@ki_young_ju) <a href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1334445088865275904?ref_src=twsrc%5Etfw\">December 3, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>An analyst believes that a return of bitcoin whales to selling will push back breaking the $20,000 psychological level until year-end.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">5\/ I\u2019m long-term bullish, but I think it\u2019ll go sideways for a few days or get corrected. I think we can\u2019t break 20k in the short-run. I expect it\u2019ll break 20k at the end of this year. (I\u2019m not a PA trader tho)<\/p>\n<p>In conclusion, OG whales stopped HODLing and I\u2019m short-term bearish.<\/p>\n<p>\u2014 Ki Young Ju \uc8fc\uae30\uc601 (@ki_young_ju) <a href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1334445423356854272?ref_src=twsrc%5Etfw\">December 3, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Shortly before the November 30 all-time high update, Ki Young Ju <a href=\"https:\/\/u1f987.com\/en\/news\/opinion-bitcoin-whales-prepare-for-another-dump\">reported<\/a> that there was a signal of a possible dump by large holders of the first cryptocurrency.<\/p>\n<p>Such a scenario <a href=\"https:\/\/u1f987.com\/en\/news\/opinion-bitcoin-whales-prepare-for-another-dump\">was not ruled out<\/a>, JPMorgan&#8217;s chief strategist Nikolaos Panigirtzoglou, who saw a threat in the actions of quantitative-investing crypto funds.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forkloglive\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog FEED<\/a> \u2014 full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale Investments bought 7,188 BTC into its Bitcoin Trust in a single day. During November, 55,015 BTC were purchased, nearly twice the amount mined by miners in the period (27,881 BTC).<\/p>\n","protected":false},"author":1,"featured_media":32866,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[943,1156],"class_list":["post-32865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-grayscale-investments","tag-institutional-investors-and-whales"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=32865"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32865\/revisions"}],"predecessor-version":[{"id":32867,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32865\/revisions\/32867"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/32866"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=32865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=32865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=32865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}