Bitcoin Breaks $28K Threshold: Whales Keep Accumulating

• Bitcoin realized price hits YTD high
• Total Bitcoin Inscriptions count approaches 10M
• US Treasury General Account dwindles to critical levels with less than $50B remaining

Bitcoin Price Hits YTD High

The bitcoin realized price has hit its highest level yet in 2020, approaching a new all-time high. The total number of bitcoin inscriptions is also nearing the 10 million mark. This indicates that many people are accumulating bitcoins, which could potentially lead to more adoption of the cryptocurrency.

Whales Continue To Accumulate

In addition to the increasing interest in bitcoin, whales (individuals or entities that own large sums of cryptocurrency) have been continue to accumulate it over the weekend. This may be due to news that a debt ceiling deal was reached “in principle” and it broke through the $28k threshold. This shows that there is strong confidence from larger investors in bitcoin as an asset class.

S&P & Nasdaq Soar In 2023

The S&P and Nasdaq have both seen record growth in 2021 thanks to big tech stocks such as Apple, Microsoft, and Google. These stocks have led a stock market rally unlike any other before it, leading investors to search for alternative investments such as cryptocurrencies like Bitcoin.

US Treasury General Account Dwindles

As these stock markets soar, the US Treasury General account has dwindled down to critical levels with less than $50 billion left in it. This highlights how important alternative investments are becoming for individuals and entities looking for ways to increase their wealth without having exposure to traditional stocks or bonds.

Crypto Liquidations On The Rise

In the past 24 hours alone, crypto has seen over $118 million worth of liquidations occur across exchanges worldwide. This suggests that traders are looking for opportunities outside of traditional markets as well and may be using cryptocurrencies like Bitcoin as a hedge against potential losses they may incur when investing in traditional assets such as stocks or bonds.