Institutional investors’ interest in Bitcoin continues. Accordingly, institutional whales quickly accumulated Bitcoin in June amid a renewed wave of interest. Glassnode data indicates that the number of BTC whales has risen to a 1-month high. It also showed that more institutions were buying the asset. Amid this high interest, the amount of BTC on exchanges slumped to the lowest level since March 2018 as investors opted for self-hiding.
Bitcoin institutional accumulation soars as stock market balances decline
Institutional investors have steadily increased their Bitcoin holdings since BlackRock applied for a spot BTC ETF. This coincided with the time BTC balances on exchanges hit new lows.
Data from ByteTree showed that the amount of Bitcoin held by the funds skyrocketed in June, reaching nearly 850,000 BTC. Crypto analyst Miles Deutscher suggested that this growth marks the “start of widespread institutional BTC accumulation.”
BTC accumulation by institutional investors
Institutional interest in Bitcoin has surged in the past month, with several traditional financial institutions such as BlackRock, Fidelity, and others applying for spot exchange-traded funds (ETFs). The US Securities and Exchange Commission (SEC) has yet to approve a spot BTC product. However, crypto industry experts quickly embraced the positive market sentiment triggered by the ETF filings.
In this context, MicroStrategy purchased another 12,333 BTC for $347 million on June 28. Accordingly, the company’s total BTC asset increased to 152,333 Bitcoin. This acquisition continued Michael Saylor’s unwavering belief in the flagship digital asset of the firm’s chairman of the board.
Data show growing interest
Glasnode data further supports the growing institutional interest in the BTC market. According to the data provider, the number of BTC whales hit a 1-month high of 1,685 on July 7. Whale is an organization with a substantial amount of BTC, usually 1,000 BTC or $10 million or more
Alongside this, the perception of Bitcoin by previous institutional skeptics has become increasingly positive. The latest statements from BlackRock CEO Larry Fink best reflect this changing stance. Long-time critic of BTC, Fink recently spoke out in support of the flagship asset. BlackRock CEO described it as an alternative investment to hedge against currency depreciation. The description contains the following statement:
“Bitcoin is not based on any currency. On the other hand, it represents an entity that people can play with as an alternative. In many ways, it digitizes gold.”
Bitcoin stock market balance drops to 5-year low
Meanwhile, the growing backlog of institutional investors coincided with the drop in Bitcoin balance on exchanges. Accordingly, it shows that investors are increasingly choosing to keep it to themselves. Glassnode data shows that the BTC balance on all exchanges is currently 2.26 million. It also shows that it has the lowest balance since March 2018.
Meanwhile, cryptocoin.com When we look at it as a whole, BTC continues to be traded above $ 30,000. On the other hand, it recently hit a one-year high of $31,500. At the time of writing, Bitcoin is trading at $30,273.
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