Bitcoin still hasn’t stopped, and its market value once exceeded 350 billion U.S. dollars, continuing to create record highs.
In this round of Bitcoin’s rise, the generally accepted reason is the abundance of compliant buying channels and the admission of professional institutions. On November 21, Pantera Capital published a report called “Bitcoin Shortage”. The report stated that the daily output of Bitcoin is not enough for the daily purchases of these platforms.
So how big is the gap between the amount of Bitcoin output on these platforms and the amount of daily purchases? Combining Pantera Capital’s data and some official platform data, Rhythm BlockBeats hopes that the numbers can tell you the current status of the Bitcoin market more intuitively. Due to limited data, daily average data is used for comparison.
GrayScale
Grayscale Investment has become a beacon chain in the secondary market of cryptocurrency. Grayscale has greatly increased its asset management scale and will perform well in the secondary market.
Rhythm BlockBeats counts Grayscale’s asset management data in November. According to the current November “Grayscale BTC Trust” data, it can be calculated that Grayscale’s daily average daily purchase of Bitcoin is 3365.
Square
The US-based payment company Square was founded and managed by the well-known Bitcoin fanatic and Twitter CEO Jack Dorsey.
On November 6, Square announced the data for the third quarter of this year, showing that it sold $1.63 billion through Cash App in the third quarter. There are opinions that the value of newly mined bitcoins in the third quarter is 810 million US dollars, which means that the amount of bitcoins purchased through the Cash App is twice the amount of newly produced bitcoins in the same period.
Cash App has provided services for buying bitcoins since the beginning of 2018. As of the third quarter of this year, a total of US$3.4 billion worth of bitcoins had been sold, and the sales volume in the third quarter of this year alone was close to 50% of the three years.
According to Pantera Capital’s recent statistics from Cash App, the number of bitcoins purchased through the Cash App platform now accounts for about 40% of the daily output of bitcoins. Calculated on the basis of 900 new bitcoins produced per day, Cash App Buy 360 pieces a day.
The payment giant PayPal with 320 million active users has just entered the cryptocurrency field. On November 13, the cryptocurrency function was officially launched, and US users of PayPal can purchase Bitcoin through PayPal.
This time, PayPal and Paxos are cooperating to help users buy Bitcoin. The main trading platform is itBit, which is owned by the latter.
According to statistics from the nomics platform, itBit’s daily trading volume before November was around 10 million U.S. dollars, and it rose to 20 million U.S. dollars in early November. After November 13, itBit’s single-day trading volume rose to 38 million. US dollars, a new high this year. At the same time, according to statistics, the trading volume of BTC/USD on this platform accounts for 87% of the entire platform.
Of course, this does not mean that all these transactions are from PayPal users, but the opening of PayPal’s encryption currency function is undeniably a factor in the increase in transaction volume.
According to data from Pantera Capital, the purchase of bitcoins through the PayPal platform accounts for 70% of the daily output. According to the daily output of 900 bitcoins, the daily purchase of PayPal is 630.
3iQ
3iQ Digital Asset Management is the gray scale of Canada. This asset management agency listed the world’s first Bitcoin fund QBTC on April 9 this year, which can be traded on the Toronto Stock Exchange. As of November 20, the total size of this Bitcoin fund has exceeded 257 million US dollars.
According to 3iQ’s official statistics, from November 2 to November 20, 4,368,781 new units were added. Based on the current unit of approximately 0.001115 BTC, the 3iQ platform purchased an average of 347 bits per day in November. currency.
Purchases more than 5 times the output
In addition to these four platforms, there are two well-known platforms Robinhood and Revolut that can buy cryptocurrency, but these two platforms have no relevant statistics and cannot be calculated. However, it is intuitive enough that we only look at the above.
GrayScale(3365)+Square(360)+Paypal(630)+3iQ(347)=4702
And Bitcoin is now daily output = 900
According to current data, the daily Bitcoin purchases through these 4 platforms are 5.2 times the daily output, and the demand is much greater than the supply, which directly leads to the madness of Bitcoin in the secondary market.
Of course, the current Bitcoin can no longer be regarded as a maverick and unrestrained product, but is increasingly inclined to a commodity with a market value of 350 billion US dollars. In the technology stock bubble that has lasted for several months, Bitcoin, as the leading asset of the blockchain sector, will inevitably receive the attention of capital. This is the current nature of Bitcoin from the global environment.
The market is always determined by price, and price is the change in the relationship between demand and supply. As a technological asset, coupled with the addition of major platforms with hundreds of millions of active users, Bitcoin this year has exceeded everyone’s imagination.
