Bitcoin Institutional Demand Is Rising – Crucial Data Reveals BTC Whales Keep Growing
The post Bitcoin Institutional Demand Is Rising – Crucial Data Reveals BTC Whales Keep Growing appeared on BitcoinEthereumNews.com.
Bitcoin surged past $73,000 yesterday, nearly breaking its all-time high and sparking a wave of optimism and euphoria across the market. This significant price movement has fueled hopes for BTC’s push into price discovery and new, uncharted territory. Key data from CryptoQuant reveals that institutional demand for Bitcoin is rising, with notable inflows into custodial wallets. This uptick indicates that institutional investors are increasingly accumulating BTC, reinforcing a strong demand that supports the ongoing rally. This rise in institutional activity could be pivotal in driving Bitcoin to fresh all-time highs. Many analysts believe that institutional demand is the missing piece needed to push BTC into sustained, higher price levels. As traditional financial players enter the market in larger numbers, Bitcoin’s trajectory is closely watched, with potential ripple effects across the crypto space. The coming days could be decisive for BTC as it tests its limits, setting the stage for a historic bull run into new price territories. Bitcoin Whales Demand Doubles Retail CryptoQuant CEO Ki Young Ju recently shared insightful data on X, shedding light on the current state of Bitcoin’s market dynamics. According to Ju’s report, approximately 278,000 BTC have flowed into U.S. spot ETFs over the past year, with a striking 80% of this influx attributed to retail investors. In contrast, a much larger 670,000 BTC have moved into whale wallets, defined as those holding 1,000 or more BTC, excluding exchanges and mining pools. This data indicates a significant shift, where institutional demand is now twice that of retail investors, underscoring the growing interest from larger players in the market. Bitcoin 1Y change 278K BTC flowed into U.S. spot ETFs vs. 670K BTC into whale wallets | Source: Ki Young Ju on X Ju highlights that these whale wallets essentially serve as supersets of custodial wallets, further emphasizing…
Filed under: News - @ October 31, 2024 1:15 am