First Mover: Bitcoin ‘Rich List’ Grows as Whales HODL and Price Retakes $18K

Those indicators appear to show just how few investors are willing to part with their bitcoin, even with signs mounting that a growing number of big institutional fund managers from traditional markets are seduced by the outsize gains, during a year when few other trades appear to be producing big wins. She argued that it’s not unreasonable to expect a price around $100,000 next year, assuming 1%-2% of total U.S. household wealth of $112 trillion gets allocated to bitcoin.

Source: Glassnode Bitcoin’s rich list, or the number of addresses holding at least 1,000 BTC, continues to rise along with the price, suggesting increased interest from institutions and high-net-worth investors. What's hot OK Group CEO Mingxing "Star" Xu resurfaces from police detention as OKEx's mystery key holder also returns, and crypto exchange signals it will soon end the suspension of customer withdrawals; exchange token OKB jumps 23% in price (CoinDesk)  Ether trades above $500 for first time since July 2018 (CoinDesk)  Financial Times editorial board says bitcoin's recently rally has "happened alongside other risk assets," and the "main factor" in the cryptocurrency's rise is "its potential for more mainstream adoption beyond hobbyists and speculators" (Financial Times)  Goldman Sachs expects 1B users of digital yuan within Chinese CBDC's first decade (CoinDesk)  Bitcoin options investors are starting to hedge against potential price pullback (CoinDesk) Majority of bitcoin hashrate signals support for Taproot scaling, privacy upgrade (CoinDesk) Analogs The latest on the economy and traditional finance China borrows $4.7B in European debt sale, paying negative interest rates for first time (WSJ)  More Americans filing for unemployment assistance, at 742K last week, first increase since October (WSJ)  U.S. Treasury Secretary Mnuchin asks Federal Reserve to return all unused coronavirus relief funds, and Fed issues statement saying it "would prefer" that the emergency programs "continue to serve their important role as a backstop" (Politico via Yahoo Finance)  Venezuelan opposition fights creditors for control of billions of dollars in global assets (WSJ)  $6 billion in bond sales have been canceled across mainland China as fear of mass corporate bond defaults have forced many to cancel new issuances (Nikkei Asian Review) U.S. President Donald Trump, in midst of ongoing battle to dispute election results, is set to meet Chinese President Xi Jinping Friday at a virtual summit of Asia Pacific leaders to discuss economic recovery (Reuters) Tweet of the day Sign up to receive First Mover in your inbox, every weekday.

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