- Presidential candidate calls for Bitcoin. Retail investors start accumulating.
- The whale concentration of BTC holdings increased.
The US government was the largest public holder of Bitcoin [BTC] at press time. The government’s plans to sell Bitcoin in phases throughout the year has led many to believe that BTC prices will be negatively affected going forward.
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Some positive comments
These factors have made many in the crypto space cynical. Presidential candidate Robert F. Kennedy’s remarks, however, could spark some optimism among holders.
At the recent Bitcoin conference, Robert mention his support for Bitcoin. In addition, he stressed the fundamental right of every citizen to exercise self-preservation and operate a node.
In addition, he expressed his intention to advocate for the regulation of the king’s coin as a commodity.
During his speech, Kennedy told the audience that his first encounter with Bitcoin was a profound source of inspiration and recognized it as a critical technology for advancing individual freedom.
This realization was triggered by his awareness of Bitcoin’s application to circumvent financial restrictions during the Canadian truck protest that took place last year.
Despite the possible interpretation of his comments as a political strategy to appeal to Bitcoin maximalists and crypto enthusiasts, they possess the ability to positively influence public perception.
Substantial support from influential candidates may help BTC adoption in the future.
At the time of writing, there has been a notable increase in retail interest in Bitcoin. According to data from glassnode, the number of addresses with 0.01 or more coins has reached an unprecedented peak.
📈 #Bitcoin $BTC Number of addresses with 0.01+ coins just reached an ATH of 12,063,941
View statistics:https://t.co/oyguxpaA2y pic.twitter.com/Z6vGKf6BpP
— glassnode alerts (@glassnodealerts) May 19, 2023
Whale concentration is increasing
Despite the high retail interest, a huge amount of BTC was still under the control of whales.
According to data from Santiment, the majority of BTC is held by addresses with 10-100,000 Bitcoin. These large addresses were also observed piling up BTC at the time of writing.
Read the Bitcoin price forecast for 2023-2024
Nevertheless, the significant concentration of BTC held by large-scale investors may leave small investors vulnerable to the influence of whaling activities.
Source: Sentiment
Coinglass data indicated that traders were largely short of Bitcoin over the past month. At the time of writing, 50.36% of traders had short positions against the coin.
Source: mint glass