The accumulation of Bitcoin in wallets ranging from 100 to 1,000 BTC may signal continued interest in Bitcoin from institutional investors in the US.
“Institutional demand for Bitcoin remains strong” he said CryptoQuant founder Ki Young Ju added on Tuesday that 577,000 Bitcoin (BTC) has been added to this group of wallets (which includes exchange-traded funds) over the past year “and it’s still coming.”
“Excluding exchanges and miners, this gives a rough reading of institutional demand.”
The raise was approximately 33% over the last 24 months, According to to CryptoQuant, which was around the time the first spot Bitcoin ETFs were launched.
Spot Bitcoin ETFs in the U.S. have seen a total inflow of $1.2 billion so far this year, despite the underlying asset rising about 6%.
“Institutions have just started investing in Bitcoin and Ethereum. I think this is just the beginning. Most people can’t imagine the years 2030-2040.” he replied political economist “Crypto Seth”.
DAT shares are up 30% in six months
Some of the growth may also come from digital asset vaults.
Crypto DAT, led by strategist Michael Saylor, has raised 260,000 BTC since July, worth approximately $24 billion at current market prices.
This represents a 30% raise over the last six months, outpacing miners’ supply, Glassnode reports. They currently hold over 1.1 million BTC in total.
Related: Bitcoin’s “internal conditions” are improving: Glassnode
The retail mood has returned to fear
However, over the past few months, retail traders have become more timid about cryptocurrencies.
Bitcoin’s fear and greed index which means Retail market sentiment returned to “fear” levels this week and was rated 32 out of 100 on Tuesday. This comes after it briefly flipped to “greed” for the first time since October last week.
The heightened concern comes as Bitcoin prices fell from last week’s high of $97,000 to below $92,000 on Tuesday morning as markets reacted to escalating trade conflicts between the United States and Europe.
Warehouse: Indians sharply criticize Pudgy Penguins, former digital yuan chief’s crypto scandal: Asia Express
