Institutional investors and long term Bitcoin holders are showing signs of improved bullishness, hitting highs on several important indicators, reported ARK Invest.

According to a new issue of The Bitcoin Monthly, an “earnings report” that details on-chain activity, the balance of Bitcoin held on over-the-counter (OTC) desks has hit an all-time high. Nearly 8,000 Bitcoin are sitting on these desks, notching an impressive 60% increase this quarter.

Cathie Wood’s ARK uses OTC desks as a proxy for institutional activity, suggesting that the numbers reported show institutions and other large capital allocators are focused increasingly on Bitcoin–a bullish sign, they say.

“In our view, increased balances on OTC desks suggest that institutions and other large capital allocators are focused increasingly on Bitcoin,” Ark wrote in the report.

Keeping on the institutional trail, the report also touches upon Grayscale’s Bitcoin Trust (GBTC), one of the few firms that caters to large or accredited investors. It has been on Go to Source to See Full Article
Author: Pedro Solimano

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