The bitcoin price clocked a new all-time high earlier this month, topping $67,000 per bitcoin.
“The supply shock brought by long-term holders last month has only grown stronger this month,” Pete Humiston, manager at the research arm of a crypto exchange Kraken, wrote in a report.
The weekly average holdings of whales has risen 0.25% since early October, hitting a record $724.4 billion, Kraken found.
I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself.