ALL-IN on This Crypto!
I want to talk about a couple of very important things. Going on in the market were going to talk about. Crypto whale accounts were going to talk about institutional investors even lawmakers in congress getting into crypto personally, but before we dive into that, it still says about 70 of you watching are not subscribed. So if you enjoy short form, concise, no bs content that doesnt waste either of our times well make sure to like the video and subscribe to the channel. Also, if we get this video to 2 000 likes, i will open up new spots on the patreon we sold out the other day, but if we get the video up to 2000 likes ill open up new spots to everyone right now, crypto is at a 2.32 Trillion dollar market cap were seeing bitcoin ethereum cardano xrp solana. Most of the coins today are relatively flat over the last couple of days like weve spoken about, the narrative has been all around bitcoin and actually a couple of very interesting stories. Uh catalyst just came out, so the first is with regards to um some data that shows that bitcoin holders are acting the exact opposite to what they did in q1 of 2021. We are seeing that bitcoin holders are going all in, they are doubling down on their their bitcoin investments. Data from on chain analytics company glass node shows that the proportion of bitcoin supply that is either being held long term or that was lost for good, is at its highest that its ever been in the last year.
You can see right here. We are at over 7.2 000 bitcoin, and this is the highest level we have seen on this chart since about january of 2021. The previous time that we saw this at this level was back in q4 of 2020, when bitcoins price was still around 20. 000 per coin, so this is interesting because it shows that people are adding to their bitcoin position, holding it and not selling it. Last time we saw a bull market, we were actually seeing that bitcoin holders were doing the opposite. A lot of these people were taking profits. A lot of long term holders were saying eh. Maybe i should be selling some, and that is what we saw back then. Another thing going on is with regards to institutional investors. Institutional investors are also doubling down on bitcoin as well, because right now, according to the most recent jp morgan analyst report, they came out and said that right now, theres been a recent increase in demand from institutional investors. The recent increase in price of bitcoin. They were saying has a lot to do with institutional investors looking to hedge against inflation, so this is also very different than what we have seen previously back in may. Jp morgan released a report saying that uh investors were switching out of bitcoin and into gold, but now theyre, saying the exact opposite is happening where um investors right now are getting out of traditional gold getting more in to bitcoin.
They said for a couple of main reasons. The first is that theres been a lot of recent assurances by u.s lawmakers that theyre not going to ban bitcoin. I think this is pretty obvious. We all know that the us is not going to ban bitcoin. They have it in a number of bills already where they generate tax revenue, so theyre not going to be banning crypto or bitcoin anytime soon. The second reason that they cited was the recent rise of the lightning network and second layer payment solutions which have helped um, which has all been held, helped by el salvador adopting bitcoin. So again, this is just showing us that mass adoption of bitcoin is making big money players a little more comfortable with investing their money in to bitcoin, and then one of the other things with regards to this report is that were also seeing that its not just Institutional investors, shark tank kevin oleary, came out earlier this week and said that he actually owns more bitcoin and then he does gold and were seeing a lot of people say the exact same thing. So this is very interesting that all of these people, who are once either against bitcoin or people or institutions who might have been going into gold, now theyre switching their entire strategy, theyre putting more money into bitcoin, less money into gold and theyre realizing the value and Utility of bitcoin last story of the day is going to be with senator cynthia loomis.
Cynthia loomis has been a long time, bitcoin supporter, but she just recently came out and said: uh disclosed a purchase of a hundred of up to a hundred thousand dollars worth of bitcoin. In a report that was released on october 7th 2021, she reported that she purchased between fifty thousand and one dollar to one hundred thousand dollars of bitcoin. Interesting thing here was is that she filed actually out of the timeline that she is supposed to theres a 45 day reporting deadline set by the stop trading and congressional knowledge act, essentially to make sure that lawmakers follow all these rules theres not any like illegal activities. Theyre not just investing based on some law theyre voting on. We know this happens, but this law is in place because of that and actually, according to cynthia loomis, she didnt report within the 45 day window. She bought this back in august, and the most interesting thing about this is this purchase was made just two weeks after cynthia loomis and two other senders tried to insert an amendment into the infrastructure bill to sort of um limit. The way that this bill defined. The word brokers so either way. What this shows us is that institutional investors are continuing to buy. We are seeing that long term holders are holding more than they were back in um the beginning of the year. Theyre not selling theyre continuing to accumulate more and then. The third thing is that, with regards to lawmakers theyre buying crypto themselves, they wouldnt be buying.
If there were any sort of rumors or any sort of talks in congress about bitcoin being manned, they wouldnt be buying.