According to Glassnode’s latest weekly on-chain report, the number of long-term bitcoin holders  is at a multi-year high and markets are not yet saturated with profit-taking. The report notes these long-term holders appear to be reducing their spending while adding to their positions.

31% of hedge fund managers, 24% of alternative investors and 13% of private equity managers have revealed they plan to add crypto to their portfolios in the next year or two, according to a study conducted by big four accounting firm EY.

Popular cryptocurrency exchange Binance is reportedly in talks with sovereign wealth funds about receiving an investment from them as it looks to improve relationships with governments.

Top stories in the Crypto Roundup today:

• Long-Term Bitcoin Holder Numbers Hits Multi-Year High
• 31% of Hedge Fund Managers Plan to Invest in Crypto
• Binance in Discussions to Receive Investments From Sovereign Wealth Funds
• How THORChain Trading Impacts The Price of RUNE

Long-Term Bitcoin Holder Numbers Hit Multi-Year High

According to Glassnode’s latest weekly on-chain report, the number of long-term bitcoin holders is at a multi-year high and markets are not yet saturated with profit-taking. The report notes these long-term holders appear to be reducing their spending while adding to their positions.

The firm’s analysis used Spent Volume Age Bands (SVAB), which are used to identify the age of coins dominating on-chain flows. Using the metric, Glassnode found that consistent spending of coins being held for over one month began in November 2020 and ended between April and May of this year.

The SVAB metric has fallen back to 2.5% of the market’s daily volume after spiking when BTC hit a new high in October. The report reads:

“This can reasonably be interpreted as longer term holders reducing their spending, and thus are more likely to be adding to positions, not exiting them.”

It adds that the supply of bitcoin held by short-term holders is at a multi-year low at less than 3 million BTC. These figures, when the cryptocurrency’s price is close to an all-time high, Glassnode wrote, is a “relatively unique case.”

31% of Hedge Fund Managers Plan to Invest in Crypto

31% of hedge fund managers, 24% of alternative investors and 13% of private equity managers have revealed they plan to add crypto to their portfolios in the next year or two, according to a new study conducted by big four accounting firm EY.

Managers of the largest hedge funds overseeing more than $10 billion or investors with $2 billion to $20 billion in assets under management were most likely to be planning to gain exposure to cryptocurrencies.

Only 7% of alternative fund managers and investors interviewed for the EY study said that their firms have already added exposure to “crypto-related assets” in their portfolios. Of those holding cryptocurrencies directly, derivatives and funding to private blockchain companies were the most popular forms of participation.

Alternative investments, it’s worth noting, are considered those that aren’t in stocks, bonds, or cash. These could include precious metals, art, real estate, collections, or other types of investment.

78% of firms staying on the sidelines cited cryptocurrencies not fitting their fund’s strategy as one of the top reasons for why they haven’t moved into the space. Other top reasons include volatility, regulatory uncertainty, and a lack of understanding of the asset class.

Binance in Discussions to Receive Investments From Sovereign Wealth Funds

Popular cryptocurrency exchange Binance is reportedly in talks with sovereign wealth funds about receiving an investment from them as it looks to improve relationships with governments.

The exchange has recently faced mounting pressure from various regulators throughout the world. Its CEO, Changpeng Zhao, believes that investments from sovereign wealth funds will help improve its “perception and relationships” with various governments.

Zhao added that these investments may also tie Binance to specific countries, something the exchange wants to be “slightly careful with.” Zhao is Binance’s biggest shareholder. The exchange’s business has been backed by the venture capital arm of Singapore’s state-backed investment company Temasek.

Binance’s move to strengthen its capital structure comes as it looks for new global headquarters in cities including Singapore and Dubai.

How THORChain Trading Impacts The Price of RUNE

How does trading and swapping impact the price of RUNE? It’s a particularly important question in the wake of increased trading volume in late October and early November, followed by yet another disruption in THORChain later in November.

As user @sem1d5 notes in this submission, in the days and weeks leading up to the May crash and the exploit of THORchain that followed, we can see that buyers actually outnumber sellers. Over time, however, we can see that these buyers are only purchasing small amounts of $RUNE, especially compared to sellers.

What’s more, as @sem1d5  points out “this trend of Rune prices dropping while rune buyers increasing carried on up until the exploit where we see significantly more sellers than buyers.”

So, what happened after the relaunch of THORChain? At first, there were far more RUNE sellers than buyers, likely an indication of lost trust following the exploit. Prices quickly rallied, however, and there quickly became more buyers than sellers on a daily basis.

State of the Crypto by Top Tier Exchange Volume

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