CryptoPolyTech.com
Crypto, Politics, Tech, Gaming & World News.

Bitcoin Institutional Accumulation Soars as Exchanges See Decreased Balances | CPT PPP Coverage

 | cutline • press clip • news of the day |

Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE

200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |

View more Headlines & Breaking News here, as covered by cryptopolytech.com


Bitcoin Institutional Accumulation Soars as Exchanges See Decreased Balances appeared on beincrypto.com by BeInCrypto.

Institutional investors have steadily increased their accumulation of Bitcoin since BlackRock filed an application for a spot BTC ETF. This has coincided with when BTC balances across exchanges have fallen to new lows.

Data from ByteTree showed that the amount of Bitcoin held by funds rapidly grew to nearly 850,000 BTC in June. Crypto analyst Miles Deutscher suggested that the growth indicated the “beginning of widespread institutional BTC accumulation.”

Bitcoin Institutional Accumulation (Source: Twitter/Miles Deutscher)

Institutional Investors BTC Accumulation

Over the past month, institutional interest in Bitcoin rose as several traditional financial institutions like BlackRock, Fidelity, and others applied for spot exchange-traded funds (ETF). While the U.S. Securities and Exchange Commission (SEC) has yet to approve a spot BTC product, crypto industry experts quickly embraced the positive market sentiment triggered by the ETF applications.

For context, MicroStrategy purchased an additional 12,333 BTC for $347 million on June 28, bringing the company’s total BTC holdings to 152,333 Bitcoin. This purchase continued the firm’s chairman Michael Saylor’s unwavering conviction in the flagship digital asset.

Glasnode data further corroborate the increased institutional interest in the BTC market. According to the data provider, the number of BTC whales reached a 1-month high of 1,685 on July 7. A whale is an organization with a substantial amount of BTC, typically 1,000 BTC or $10 million and more.

BTC Whales
BTC Whales (Source: Glassnode)

Besides that, previous institutional skeptics’ perception of Bitcoin has become increasingly positive. The recent statements of BlackRock CEO Larry Fink best captures this changed stance.

Fink, who has long been a critic of BTC, recently spoke in support of the flagship asset. The BlackRock CEO described it as an alternative investment to hedge against the devaluation of the currency.

He said:

“Bitcoin is not based on any one currency, and so it can represent an asset that people can play as an alternative. It’s digitalizing gold in many ways.”

BTC Exchange Balance Falls to 5-year Low

Meanwhile, the increased accumulation of institutional investors has coincided with a drop in Bitcoin balance on exchanges, suggesting that investors increasingly favor self-custody.

Glassnode data shows the BTC balance on all exchanges currently sits at 2.26 million, the lowest balance since March 2018. 

Bitcoin Exchange Balance
BTC Exchange Balance (Source: Glassnode)

Meanwhile, BTC continues to trade above $30,000, reaching a yearly high of $31,500 recently. It is trading for $30,273 at the time of writing, according to BeInCrypto data.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.



Related Posts

FEATURED ‘News of the Day’, as reported by public domain newswires.

Find more, like the above, right here on Cryptopolytech.com by following our extensive quiclick links appearing on images or [NEWSer CHEWSer].
View ALL Headlines & Breaking News here.

Source Information (if available)

This article originally appeared on beincrypto.com by BeInCrypto – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.

We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.

CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.

We compile ‘news of the day’ content in an unbiased manner and contextually classify it to promote the growth of knowledge by sharing it just like Bitcoin Institutional Accumulation Soars as Exchanges See Decreased Balances

First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!

You might also like