Bitcoin Rejoins Cuatro Comas Club As ‘Whales’ Bought-The-Dip, NFT Demand Accelerates

Bitcoin Rejoins Cuatro Comas Club As ‘Whales’ Bought-The-Dip, NFT Demand Accelerates

Bitcoin has extended its recent gains overnight, back above $54k and at two-week highs as an ever-growing number of corporations add crypto to their reserves and Washington’s helicopter money drop is imminent…

Source: Bloomberg

And that move has pushed Bitcoin back into the cuatro comas club…

Source

In an update on March 9, on-chain analytics service Material Indicators noted that buy orders of $100,000 and higher on Binance – the biggest cryptocurrency exchange by volume worldwide – are reaching all-time highs.

CoinTelegraph notes that in stark contrast to orders worth less than $100,000, larger buys are more frequent than ever before in Bitcoin’s history. Smaller allocations have plummeted in 2021, matching an existing narrative that institutions are scooping up liquidity on exchanges which surfaced during the recent bull run.

“The $100k – $1M class is now also about to make a new ATH,” Material Indicators commented on Twitter alongside a chart.

“Meaning, they bought the dip.”

Additionally, Bloomberg reports that NYDIG, a provider of Bitcoin-related financial services, announced that it raised $200 million from investors including Stone Ridge Holdings Group, Morgan StanleyNew York LifeMassMutual and Soros Fund Management. NYDIG said Bitcoin adoption among institutions is accelerating, citing data that insurers have more than $1 billion in Bitcoin-related exposure on its platform.

“Bitcoin and Ethereum bullishness are back as more big-money bets keep flowing into cryptocurrencies,” Edward Moya, senior market analyst at Oanda, wrote in an email. “Institutional interest still seems strong.”

Ethereum has been storming higher since IEP-1559 approval

Source: Bloomberg

Additionally, CoinTelegraph reports that NFT-linked altcoins also got a bid.

Non-fungible tokens (NFT) projects like Ultra (UOS), Theta (THETA) and Enjin (ENJ) all managed double-digit gains and reached new yearly highs during today’s trading session.

UOS price surged 21% to establish a record high of $0.452 as the excitement grows around the project’s mainnet launch which will enable cross-chain and NFT capabilities.

Theta, a blockchain-based video streaming platform, also reached a new all-time high of $4.98 in front of the long-awaited hard fork on March 10.

Theta performed strongly throughout February as the project was bolstered by the introduction of NFTs for streamers and an announced partnership that saw Sony Europe join the Theta blockchain validator program.

Enjin (ENJ) also broke out to a new all-time high of $1.76 on March 5 as the project’s focus on creating a wide-ranging NFT ecosystem is beginning to pay off.

Overall, the overall cryptocurrency market cap now stands at $1.65 trillion and Bitcoin’s dominance rate is 60.4%.

Tyler Durden
Tue, 03/09/2021 – 08:23

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