Institutional Demand Soars to New Heights in 2024
Bitcoin has been experiencing a surge in demand from institutional investors since the beginning of the year, as reported by Ki Young Ju, the CEO of CryptoQuant.
In a recent post, Young Ju revealed that US-based exchange-traded funds (ETFs) for Bitcoin have seen a net inflow of approximately 278,000 BTC since their launch in January. Surprisingly, 80% of these inflows come from retail investors.
However, addresses held by large investors, known as whales, who possess at least 1,000 BTC (excluding crypto exchanges and mining pools), have seen an inflow of 670,000 BTC over the past year.
The CEO of CryptoQuant, a prominent market analysis platform, stated that institutional demand for Bitcoin is twice as high as retail demand when it comes to self-custodial wallets.
It is worth noting that according to IntoTheBlock’s data, almost 40% of the Bitcoin supply is currently held in addresses controlled by whales who possess at least 1,000 BTC.
One notable addition to this list is the Japanese investment firm Metaplanet, which recently increased its Bitcoin holdings by 156.7 BTC on October 28th. As a result, their total Bitcoin holdings reached 1,018 BTC, valued at over $70 million at the time of reporting.
Bitcoin’s price has risen by 4% in the past 24 hours and is currently trading at $70,950. Earlier today, it briefly reached a five-month high of $71,475. At its current price, BTC is only 3.5% away from its all-time high of $73,750.
The daily trading volume of Bitcoin has surged by 123%, reaching $47 billion. As a result of this recent price increase, Bitcoin’s market capitalization has surpassed $1.4 trillion.
According to IntoTheBlock, more than 99% of Bitcoin holders are currently in a profitable position. This suggests that there may be some short-term profit-taking, which could potentially lead to a price correction.
For more information, read: BSV surpasses $52 as open interest, trading volume skyrocket
