Over the past week, the number of Bitcoin wallets holding exactly 100 BTC has risen by 14,827, and the number holding exactly 1,000 BTC has jumped by a staggering 11,937. That means there are now a total of 3,000,000 Bitcoin wallets with over $1,500,000 worth of the cryptocurrency. The increase in wallets holding over $1,000,000 worth of Bitcoin comes after Tesla, the electric car manufacturer, announced last Wednesday that they had made a $1.5 billion investment in the Crypto industry.

All in all, the move makes sense, given that Tesla is burning through cash like it’s going out of style. Musk recently said that Tesla would be cash-flow positive by the end of the year, but it’s not clear by how much. If the company can’t find fresh capital soon, it could be in trouble (again). This isn’t even taking into account the money needed to roll out the Model 3 (Tesla plans to spend $2.2 billion this year on capital expenses).

Number of Bitcoin wallets holding 100-1K BTC soars after Tesla’s $1.5B buy-in (source: bitinfocharts.com)

The number of bitcoins (BTC) held by whales has increased by about 14% since Tesla announced its entry into the cryptocurrency sector in early February 2021. The latest data from analytics platform Glassnode shows bitcoin inflows of around $19.5 billion – at current exchange rates – to wallets holding at least 100 BTC and no more than 1,000 BTC. Deposits rose immediately after Tesla announced in its January securities filings that it had added $1.5 billion in BTC to its balance sheet. The news was published on the 8th. In February, buying a bitcoin on Coinbase cost $38,057. By mid-April, the price had climbed to $65,000, driven by bullish expectations that Tesla’s involvement in the cryptocurrency sector would encourage other companies to add bitcoin to their balance sheets. Frankly, I’m not surprised that Tesla bought #Bitcoin, and I won’t be surprised if Apple and Microsoft do too. Having $BTC is just common sense at this point. – Samson Maw (@Excellion) 9. February 2021 The prospects for bitcoin adoption by companies and other institutions have increased due to the anti-inflationary nature of the cryptocurrency. Many speculators see bitcoin as an insurance policy against the Federal Reserve’s expansionary monetary policy, which has reduced investors’ appetite for traditional safe havens such as US Treasuries and the US dollar. TheUSD index has a volatile inverse correlation with bitcoin after March 2020. Source: TradingView Number of Bitcoin wallets holding 100-1K BTC soars after Tesla’s $1.5B buy-in Tesla also said in its first-quarter report, filed with the SEC, that it wants to buy bitcoin with its $1.5 billion in unused cash reserves, suggesting that the electric-car maker wants to offset the potential risks of a devalued dollar. Glassnode’s BTC stock metrics are showing signs of stabilizing after the recent collapse. Source: Glassnode Number of Bitcoin wallets holding 100-1K BTC soars after Tesla’s $1.5B buy-in The entire Tesla episode has served as a bullish signal for investors looking to make the most of bitcoin’s upside growth. Glassnode’s metrics showed that the volume of bitcoins stored in wallets of 100 to 1,000 BTC was stable before Tesla’s announcement, but jumped afterward.

But there is a catch.

However, another Glassnode metric measuring the stock of bitcoins on wallets with a balance of 1K-10K BTC showed a steady decline from about 455,000 BTC (~$17.88 billion) to about 410,000 BTC (~$16.11 billion). As a result, it has been revealed that greater whales sold their bitcoin holdings after Tesla’s announcement. As a result, they were part of the 100-1K BTC offering group. companies with balances of 1K-10K BTC dropped after Tesla’s bitcoin investment. Source: Glassnode Number of Bitcoin wallets holding 100-1K BTC soars after Tesla’s $1.5B buy-in Meanwhile, sales in the 1K-10K BTC supply group did little to counter bitcoin’s upward trend. The cryptocurrency has approached an all-time high of $65,000, suggesting that small whales and retailers have caught the selling pressure from large investors. At the time of writing, bitcoin is trading around $39,300, about 38% below its record high in mid-April.Bitcoins are not for just for buying and selling – a lot of people are using them to build up their wealth. The price of a single Bitcoin has fallen slightly from its December ATH of $19,783.70, but it’s still a very viable store of wealth compared to other assets.. Read more about how many people own 1 bitcoin and let us know what you think.

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