Major Bitcoin Addresses See 5% Holding Boost – What’s Driving The Accumulation?
10 September 2024 - 3:30PM
NEWSBTC
Recent data illustrates the interesting trend in Bitcoin ownership,
where addresses that hold between 100 and 1,000 BTC control
approximately 20.3% of the circulating supply. Related Reading:
Vitalik Buterin Withdraws 760 ETH As Market Turmoil Strikes
Ethereum This would amount to a total of about 4.01 million BTC,
which is a considerable surge of 5% compared to the 3.82 million
BTC it had just six months ago. The rising accumulation by major
holders shows strong interest in the cryptocurrency market; hence,
this also reflects the greater institutional adoption and
confidence in Bitcoin as an asset. Addresses holding between 100
and 1,000 BTC now control 20.3% of the circulating supply,
equivalent to 4.01 million BTC. This marks a 5% increase from 3.82
million BTC six months ago, highlighting growing accumulation by
large holders pic.twitter.com/JwkxBgWmDS — IntoTheBlock
(@intotheblock) September 8, 2024 The Rise Of Institutional
Interest The world of cryptocurrency is changing, and right at the
forefront of that change is institutional interest. It has just
been shown in a recent Coinbase survey that nearly one-third of
institutional respondents have increased their crypto holdings over
the past year. Consequently, there is a surge in confidence: 64% of
those already invested are expected to invest even more resources
into cryptocurrencies in the next three years. This is the most
important sentiment, because it means long-term commitment to
digital assets and, especially, Bitcoin, which is still perceived
as “digital gold.” Bitcoin: The Big Players Significantly, key
financial giants such as Grayscale and BlackRock have been leaving
no stone unturned in the crypto space. Grayscale’s Bitcoin Trust
saw billions invested into it, while BlackRock’s foray into Bitcoin
ETFs simply legitimized the asset class. The greenlighting of spot
Bitcoin ETFs by the US Securities and Exchange Commission has been
a game-changer, with such funds gathering more than $25 billion in
assets within one month of their launch. Such a surge of
institutional money does not only tame volatility in the market but
also greatly increases the credibility of Bitcoin as a mainstream
form of investment. Related Reading: Ether Liquidity Plummets 40%
On Exchanges After ETF Debut Corporate Strategies And Massive BTC
Adoption While this is the case, and as the appeal of Bitcoin
continues to rise, many companies have started rethinking their
treasury strategies. According to River, a Bitcoin technology
company, in about 1.5 years, an estimated 10% of US-based companies
could invest about 1.5% of their cash reserves, approximately
$10.35 billion, into Bitcoin. This hypothesis has been based on the
premise that companies need to combat inflation and hunt for asset
diversification. The future of Bitcoin is, therefore, bright and
very attractive to corporate finance. Such rapid growth in BTC
holdings among major addresses may indicate that big investors
position themselves for long-term gains. Featured image from
Ranker, chart from TradingView
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