The world has 47m millionaires, 71% of them live in the US or EU, there's only 14.9m BTC in circulation, and only 4.1m BTC are liquid and therefore able to be bought.
HNW individuals just got notified they need an allocation, IMO this is the reason why BTC rocketed past 23k.
Whale spawning season is here. (1000 BTC or more).
Very high net worth individuals are coming in, in droves.
BTC would represent 20%+ of the fund in March 2021. I imagine they would have rebalanced since then, selling down some of their GBTC the last few weeks, given it's a diversified fund.
This is probably the original article from Stuff. It cites $350m AUM, some mismatch from my own search finding $1.75b AUM Sep 2020.
Hmmmm..... Rick Astley spotted buying the dip, rabidly.
Zooming in from weekly to daily... oh yes. Today we have a new all-time-high in BTC leaving the exchanges for 2021. And a new dip buying prize to award.
It's also a new Rick Astley high score.
Remember, the red bars is the daily count of coins moving to Rick Astley, the HODLer of last resort, who never gives up or deserts BTC.
1) me: Whales dumping Gemini is bogus data 2) @glassnode: it's an internal transfer 3) @cryptoquant_com: it's an external transfer 4) @coinmetrics: it's BlockFi
Me: warning 28,300 traders of whales dumping needs fact-checking.