There is a report recently published by ARK Invest. It reveals encouraging trends in the cryptocurrency market. It also shows that Bitcoin holdings are on the rise among institutional investors and long-term holders. The report looks at the measurements on the chain. It focuses on the growth of Bitcoin held in over-the-counter (OTC) wallets, which has reached all-time highs.
Rising cryptocurrencies Bitcoin assets: A signal from institutional investors
As noted in ARK Invest’s report, institutional investors and other large organizations are increasing their Bitcoin holdings. The analysis reveals the record high Bitcoin balance, which has reached nearly 8,000 Bitcoins held in OTC wallets. This represents an impressive increase of around 60% in the quarter. What does Bitcoin’s increased presence in OTC wallets indicate? It is seen as a reflection of the growing institutional activity and interest in cryptocurrency.
The report also features Grayscale Bitcoin Trust, a leading digital asset investment product. Accordingly, the outstanding performance of GBTC is also highlighted. GBTC witnessed a significant increase in value as its shares doubled from $8.65 to $20 in 2023. This significant increase represents a growth rate of over 150% in just six months. On the other hand, the cryptocurrency underlines the positive sentiment surrounding Bitcoin as an investment.
Long-term holders strengthen their bitcoin positions
ARK Invest’s report highlights a significant number of long-term Bitcoin holders who are avoiding moving their assets. About 70% of the Bitcoin supply, i.e. 19 million BTC, has been dormant for over a year. Accordingly, this is a record level in both relative and absolute terms. These data show a significant increase in long-term Bitcoin holdings. On the other hand, it shows strong belief in the future potential of cryptocurrencies.
Findings from ARK Invest’s report shed light on the growing interest in Bitcoin among institutional and long-term investors. The growing Bitcoin accumulation of these organizations, coupled with record levels of on-chain metrics, reflects a positive sense of Bitcoin’s role as a store of value and investment asset. These trends bode well for Bitcoin’s future growth and potential in the financial world.
cryptocoin.com Overall, ARK Invest’s report provides valuable insight into the evolving landscape of Bitcoin investing as institutional investors and long-term holders expand their Bitcoin holdings. The increase in Bitcoin balances in OTC wallets and the outstanding performance of the Grayscale Bitcoin Trust reinforce the trust in Bitcoin as a long-term investment. These developments, combined with a record number of dormant Bitcoin holdings, highlight a positive sentiment. It also solidifies Bitcoin’s position as a store of value and investment asset.
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