Bitcoin Holdings Shift: Institutions Accumulate BTC as Exchange Balances Plummet
Institutional Bitcoin Holdings Surge Deutscher suggests that this uptick is just the beginning of a wider trend of institutional accumulation of Bitcoin , as approximately 20,000 BTC have been added by institutions. Simultaneously, Glassnode data reveals a noteworthy trend in the balance of Bitcoin held on exchange addresses. The balance has been steadily decreasing and recently reached its lowest point since March 14, 2018, at 2.26 million BTC, indicating a decline of exchange-held Bitcoin over the past 1,939 days. BlackRock’s filing of a spot Bitcoin ETF in the previous month caused a stir in the crypto community, leading to a price rally that pushed BTC to $31,000. Following suit, other major players like Fidelity and WisdomTree have also submitted their applications to the US Securities and Exchange Commission (SEC) for similar ETFs. However, analysts at JPMorgan, including Nikolaos Panigirtzoglou, believe that spot Bitcoin ETFs have failed to attract significant in...