11 Companies Own 3% Of The Bitcoin Supply; A Liquidity Crisis Brewing?
I truly think we are getting ready to moon soon; the writing is on the wall and a storm is a brewing:
These 11 Companies Own 3% of the Bitcoin Supply; Is a Liquidity Crisis Brewing?
Bitcoin’s price has been rallying higher throughout the past few days, with this newfound momentum largely stemming from the hype surrounding Square’s recent decision to purchase $50 million worth of BTC.
This news was significant and helped boost investor confidence while also catalyzing a strong uptrend.
BTC is now up nearly $1,000 from where it was prior to its announcement. Many investors are also anticipating more companies to follow suit.
Although MicroStrategy and Square are the only non-crypto companies that have made headlines for their adoption of BTC as a reserve asset, data shows that in total, eleven publicly traded companies own 3% of the benchmark cryptocurrency’s total supply.
This is significant and may signal that a sell-side liquidity crisis is looming on the horizon as the balance of spot BTC on exchanges continues diving.
If more corporations follow suit and enter a Bitcoin buying frenzy, it could cause the price of BTC to ascend rapidly.