While bitcoin is updating its historical highs, large investors prefer not to get rid of the cryptocurrency, but to keep it for a long time. According to Chainalysis, the number of bitcoin wallets with more than 1,000 BTC reached a new all-time high.
According to the analytical company Chainalysis, in 2020 the number of wallets controlled by one person, which contain at least 1000 bitcoins, increased by 302 (17%) and now stands at a record high level of 2052 addresses.
“That’s a big increase in the wealthiest wallets and provides evidence that institutional investors have entered the market,” Chainlysis noted in its weekly market intel newsletter dated Dec. 10.
The number of wallets storing from 10 to 50 BTC jumped by 2,356 addresses over the year.
The arrival of institutional investors in the cryptocurrency market is visible even to the naked eye. Billionaire Alan Howard announced that he became an investor in One River Asset Management, which plans to collect a $1 billion portfolio in cryptocurrency under management by early 2021. Now One River Asset Management has already formed an investment portfolio of cryptocurrencies worth $600 million. In the same week, the British investment company Ruffer Investment with assets worth $27 billion disclosed information that approximately 2.5% of its portfolio are investments in bitcoins.
Institutional money comes to the crypto market and not only through direct investment in cryptocurrencies. Financial company American Express took part in the round of financing of the trading platform for transactions with cryptocurrency FalconX, targeted at institutional investors.
Scott Minerd, investment director of Guggenheim Investments, even said that bitcoin is an undervalued asset, and its fair price is $400,000.