In November, Bitcoin's correlation with stocks collapsed to the lowest level since early 2020. Prior to that, the flagship cryptocurrency would move mostly in tandem with traditional stocks since it was being traded as a typical risk-on asset. Since Bitcoin has now become part of portfolios of large funds, Chen argued that it would be"natural" for the cryptocurrency to be tied to Wall Street.
Analytics platform Santiment has pointed to significant accumulation of Bitcoin by key investors, with wallets holding between 10 and 10,000 BTC accumulating over 51,959 BTC in a single day. This represents 0.263% of the total available supply. The continued accumulation of Bitcoin by these wallets signals optimism among investors. This could potentially lead to a positive impact on the overall cryptocurrency market caps.
However, it's noted that this accumulation ideally shouldn't come at the expense of liquidity in stablecoins like USDT and USDC, which are important for facilitating trading and providing liquidity in the crypto market.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.
Source: News Formal (newsformal.com)
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