Investors from the traditional finance sector are gobbling up Bitcoin (BTC) at “unprecedented” levels, according to the co-founder and chief executive of analytics platform CryptoQuant.
Ki Young Ju tells his 335,600 followers on the social media platform X that traditional finance investors are dollar-cost averaging 6,896 BTC per day.
“They accumulated 103,726 BTC over the past 7 days. It’s an unprecedented level of accumulation.
This accumulation address cohort doesn’t have any outflows. When it shows any outflows, the cohort excludes that address.”
Young Ju also predicts that Bitcoin will see a sell-side liquidity crisis this year.
“Fresh capital from spot exchange-traded funds (ETFs) has seen a 95% month-on-month [increase], excluding Grayscale Bitcoin Trust (GBTC). At this rate, holdings could surpass a couple of million BTC this year.
Exchanges, miners, and their affiliated addresses hold 3 million BTC.”
Of the 10 new ETFs, Grayscale’s is the only one that isn’t an entirely new product: After the U.S. Securities and Exchange Commission (SEC) issued a flurry of BTC ETF approvals in January, the crypto-focused asset management giant converted its existing flagship product, the Grayscale Bitcoin Trust (GBTC), into an exchange-traded fund listed on the exchange NYSE Arca.
Bitcoin is trading at $66,241 at time of writing. The top-ranked crypto asset by market cap is up nearly 4% in the past 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Act
Go to Source to See Full Article
Author: Daily Hodl Staff
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
