Massive institutional investments into Bitcoin and Ethereum are driving the surge resulting in a supply demand for Bitcoins. Cryptocurrency exchange Kraken’s data shows that there are more Bitcoin whales, and they are steadily accumulating.
The Kraken report indicates that Bitcoin accounts holding more than 100 bitcoins has soared to more than 16, 300. These addresses hold over 11.6 million Bitcoins as of December 2020.
The large movement of bitcoins off exchanges is also a sign of long-term holding.