Institutional investors and long-term Bitcoin holders are displaying increased bullishness, with the balance of Bitcoin held on over-the-counter (OTC) desks hitting an all-time high.
Institutions and Other Major Capital Allocators Are Becoming More Interested in Bitcoin
Institutional investors and long-term Bitcoin holders are displaying increased bullishness, with the balance of Bitcoin held on over-the-counter (OTC) desks hitting an all-time high.
According to the monthly “earnings report” published by ARK Invest, nearly 8,000 Bitcoins are held on these desks, indicating a 60% increase this quarter.
According to Cathie Wood's ARK Invest, which utilizes OTC desks to represent institutional activity, the stated figures indicate that institutions and other major capital allocators are becoming more interested in Bitcoin.
The report also points out that an all-time high of nearly 70% of the 19 million circulating supply of BTC has not changed in more than a year.
In addition, the report displays 13 metrics for the Bitcoin network, 12 of which are bullish and only 2 of which are neutral. Grayscale's Bitcoin Trust has increased in value by twofold this year; its GBTC shares were trading at $8.65 at the beginning of the year and are now worth $20.
ARK Invest recently refiled for a spot Bitcoin ETF application alongside 21Shares, and is believed to be the front-runner for a Bitcoin ETF, ahead of BlackRock and other asset managers.
