Whales Still Accumulating

Plus Jim Cramer gives a Powerball winner some advice

Happy Friday, Blockfolians

The Lede

It’s been a rough week for crypto. We know this. We see this. We feel it in our Blockfolios.

However, there is some good news. A number of different data sources suggest that whales and institutions - the actors seen as primarily driving this bull run - are still accumulating.

The number of addresses with >1000 BTC continues to rise.

What’s more, data suggests that a higher than normal ratio of transactions are being done over the counter, the preferred method for bigger players.

And then of course, there are the big players who are just straight up telling us they’re still accumulating.

All in all, this feels like nothing more than a roadbump.

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Highly Relevant Reading

  • Tether’s bank Deltec say reserves are fully backed

  • Grayscale has laid the groundwork for up to 5 more trusts

  • OKCoin to integrate with Bitcoin Lightning Network

  • Samsung discussing $10B chipmaking facility in Texas

Community Commentary

A different interpretation of recent price action
Yellen walks back crypto crime comments in written testimony

A Really Big Number We Should Be Paying Attention To

5% of $731M

That’s the percent that Jim Cramer told the Powerball winner to put into bitcoin

Final Thought

Hoooooold tiiiiight