Bitcoin whales, addresses holding 1,000 or more BTC, now possess a staggering 7.9 million BTC, marking a two-year high and representing 40% of the circulating supply.
This accumulation trend signals strong confidence among large holders in the future value of Bitcoin.
Bitcoin holdings for addresses containing 1,000 or more BTC have hit a two-year high. pic.twitter.com/poqzFssoyC
— IntoTheBlock (@intotheblock) July 19, 2024
Miners have also shown increased confidence, augmenting their holdings by 4,500 BTC throughout July, which is approximately $300 million at current prices. This significant boost in miner holdings underscores their long-term bullish outlook.
#Bitcoin addresses with 1,000+ $BTC now hold 7.9M BTC, a two-year high, representing 40% of the circulating supply.
Throughout July, miners have increased their holdings by 4,500 BTC, amounting to a value of $300 million.
Source: @intotheblock pic.twitter.com/E1RHrjusSh
— Satoshi Club (@esatoshiclub) July 19, 2024
Institutional Interest In Bitcoin Grows Bigger
As of the July 18 update, institutional interest in Bitcoin continues to grow. Nine Bitcoin ETFs collectively added 2,194 BTC, worth $139.7 million. Among these, Blackrock was the most active, adding 1,708 BTC, valued at $108.7 million, bringing its total holdings to 323,833 BTC, or $20.62 billion.
In contrast, Grayscale slightly reduced its holdings, selling 11 BTC worth $713,000, and currently holds 273,005 BTC, valued at $17.4 billion. This minor adjustment does not significantly impact its substantial Bitcoin reserves, reflecting a stable position in the market.
July 18 Update:
9 ETFs added 2,194 $BTC(+$139.7M).#Blackrock added 1,708 $BTC(+$108.7M) and currently holds 323,833 $BTC($20.62B).#Grayscale decreased 11 $BTC(-$713K) and currently holds 273,005 $BTC($17.4B).https://t.co/dy3Z31KBJ5 pic.twitter.com/wJdojVUPeX
— Lookonchain (@lookonchain) July 18, 2024
The sustained accumulation by both whales and institutional investors suggests a robust confidence in Bitcoin’s long-term potential. The increase in miner holdings further supports this bullish sentiment, indicating that those closest to the production of Bitcoin are optimistic about its future value.
The growing interest and substantial holdings of Bitcoin by major entities highlight the cryptocurrency’s increasing role as a valuable asset in the financial ecosystem. With significant inflows into ETFs and continued accumulation by large holders, Bitcoin’s market dynamics are increasingly driven by institutional participation and long-term investment strategies.
Overall, the trend of accumulation by whales, miners, and institutional investors paints a bullish picture for Bitcoin’s future, reinforcing its status as a key asset in the digital economy.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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