Bitcoin Whales and Institutional Investors Drive Accumulation Trend, Signaling Strong Confidence in Cryptocurrency\'s Future
- PHPzOriginal
- 2024-07-21 01:51:101028browse
Bitcoin whales, addresses holding 1,000 or more BTC, now possess a staggering 7.9 million BTC, marking a two-year high and representing 40% of the
Bitcoin whales, defined as addresses holding 1,000 or more BTC, continue to accumulate the leading cryptocurrency at a substantial rate. According to data from IntoTheBlock, these whales now collectively own 7.9 million BTC, which represents a two-year high and approximately 40% of the total circulating supply of Bitcoin.
This sustained accumulation by large holders is a clear indication of their bullish sentiment and strong confidence in the future value of Bitcoin.
Moreover, the analysis also highlights the increasing institutional interest in Bitcoin, with nine Bitcoin ETFs collectively adding 2,194 BTC to their holdings throughout July.
Of these ETFs, Blackrock has been the most active, adding 1,708 BTC, valued at $108.7 million, bringing its total Bitcoin holdings to 323,833 BTC, or $20.62 billion.
On the other hand, Grayscale has slightly reduced its Bitcoin holdings, selling 11 BTC, which amounts to $713,000. Currently, Grayscale still holds a significant amount of Bitcoin, totaling 273,005 BTC, valued at $17.4 billion.
This minor adjustment in Grayscale's holdings does not significantly impact its large Bitcoin reserves, which are still valued at over $17 billion.
This news follows a recent report that showed Bitcoin whales have been accumulating BTC rapidly over the past few months, adding around 50,000 BTC to their holdings since March. The data also showed that institutional investors have been buying BTC in large quantities, with ETFs adding over 100,000 BTC to their portfolios this year.
As the institutional adoption of Bitcoin continues to grow, we can expect to see more large-scale accumulations of BTC by whales and other major entities. These sustained inflows of capital into Bitcoin are painting a bullish picture for the future of the leading cryptocurrency.
The above is the detailed content of Bitcoin Whales and Institutional Investors Drive Accumulation Trend, Signaling Strong Confidence in Cryptocurrency\'s Future. For more information, please follow other related articles on the PHP Chinese website!