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Kalkine Media ASX Share Market News & Research

Institutions increasingly accumulate Bitcoin (BTC) as exchange balance dips

July 08, 2023 12:22 AM AEST | By Invezz
Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp
Institutions increasingly accumulate Bitcoin (BTC) as exchange balance dips
Image source: Invezz

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Crypto expert Miles Deutscher has commented on the current substantial surges in Bitcoin holdings. He believes the latest BlackRock spot BTC ETF filing has catalyzed optimism around the leading cryptocurrency by market cap.

While the community remains skeptical about the effect of exchange-trade fund authorization on the cryptocurrency market, Bitcoin seems to exhibit a promising future. Positive signals, such as the latest surged inflows and optimistic sentiment, have pushed Bitcoin well above $30K.

Institutions increasingly accumulate Bitcoin

Bitcoin sees strengthening institutional demand following BlackRock-induced optimism. While the companies re-file their Bitcoin ETF application with the SEC, attracting retail and institutional interest.

Miles Deutscher confirmed that institutions are in the accumulation race.

“This is only the beginning of widespread institutional BTC accumulation,” he stated.

Moreover, renowned influencers continue to support the top crypto. As invezz.com reported, BlackRock CEO Larry Fink issued pro-crypto remarks on live television, calling Bitcoin an international asset.

Bitcoin exchange balance hit its lowest levels since 2018

Source – Glassnode

The latest Glassnode data shows Bitcoin balance on exchange addresses slumped to lows never seen since 14 March 2018. The figure dipped to 2.26 million, reflecting substantial shifts in crypto dynamics.

Bitcoin price

Cryptocurrency prices flashed stability on Friday, presenting minor changes within the past day. Bitcoin traded at $30,321.79 at press time, surging 0.57% in the last 24 hours. Meanwhile, analysts believe the leading digital coin will see a bullish future.

@OwensAssetFund trusts Bitcoin can soar 20% by 8 September 2023 to explore the $36,238 value area. It remains interesting to see the future of the crypto space and BTC.

The post Institutions increasingly accumulate Bitcoin (BTC) as exchange balance dips appeared first on Invezz.

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