Recent developments in the Bitcoin market have showcased notable shifts in both supply and institutional interest. The market absorbed over 48,000 BTC from sell-offs sourced by the German Government, coinciding with anticipated Mt. Gox distributions in the near future.
Bitcoin’s daily on-chain volume now hovers around $46.4 billion, comparable to traditional payment giants like Visa and Mastercard. However, when considering filtered economical transfer volumes, the daily figure narrows to approximately $6.5 billion.
#Bitcoin currently sees around $46.4b in on-chain volume daily, comparable to traditional payment processors like Visa and Mastercard. Filtered economical transfer volumes are closer to $6.5b per day.
More insights from our report with @CMEGroup → https://t.co/SG2XESASGe pic.twitter.com/ZD7t1dkMsD
— glassnode (@glassnode) July 17, 2024
Institutional-grade custodians and the advent of ETFs have significantly reshaped Bitcoin’s landscape. A suite of 11 new US spot ETFs has accumulated a collective 887,000 BTC, now ranking as the second-largest pool of Bitcoin holdings under scrutiny.
Currently, Bitcoin holdings are distributed across several major categories:
- Centralized Exchanges hold 3 million BTC.
- US ETFs collectively account for 887,000 BTC.
- Miners, including the enigmatic Patoshi, control 705,000 BTC.
- Government entities manage 207,000 BTC.
- The Mt. Gox Trustee oversees 139,000 BTC.
More recently, institutional grade custodians, and ETFs have entered the picture. The suite of 11 new US spot ETFs have now accrued a combined +887K BTC, making their combined balance the second largest pool of #Bitcoin that we monitor.
🟡 Centralized Exchanges: 3M BTC
⚪ US ETF… pic.twitter.com/Tgau0dBNcq— glassnode (@glassnode) July 17, 2024
Smart money strategies continue to influence Bitcoin’s price dynamics. Recently, a savvy investor purchased 245 BTC valued at $15.98 million, showcasing a consistent ability to capitalize on market fluctuations. Over the past year, this investor executed two profitable trades, accumulating substantial gains totaling over $30 million.
A smart money bought 245 $BTC($15.98M) again 3 hours ago!
This smart money is good at buying $BTC at low prices and selling at highs.
He traded $BTC 2 times in the past year and made more than $30M!
From Aug 9 to Dec 18, 2023, he bought 718 $BTC at $29,385 and sold at $41,953,… pic.twitter.com/g0nP0al94Y
— Lookonchain (@lookonchain) July 17, 2024
Bitcoin ETFs Activity Records Notable Net Inflow Of $423 Million
In the latest ETF activity, Bitcoin saw a significant net inflow of $423 million on July 16, 2024, marking the largest influx in the past 27 days. Institutional players like BlackRock’s IBIT observed substantial activity, with a notable inflow of $260 million, the highest in 26 days.
🚨 $BTC #ETF Net Inflow July 16, 2024: +$423M!
• This is the largest inflow in the past 27 days. Overall, the net inflow has been strongly positive for 8 consecutive trading days!
• #BlackRock (IBIT) saw a large inflow of $260M, the highest level in the past 26 days.
Follow… pic.twitter.com/qRH3CWam0s
— Spot On Chain (@spotonchain) July 17, 2024
These developments underscore Bitcoin’s growing institutional adoption and its evolving role in global finance. As regulatory landscapes adjust and market dynamics evolve, Bitcoin’s resilience and attractiveness to institutional investors appear increasingly robust. Investors are closely monitoring these trends for potential opportunities amidst ongoing market shifts.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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