Accumulate

Bitcoin

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 <a href="https://bitcoinworld.co.in/blackrocks-bitcoin-etf-application-drives-us-entities-to-accumulate-btc-glassnode-reports/" title="BlackRock’s Bitcoin ETF Application Drives US Entities to Accumulate BTC, Glassnode Reports" rel="noopener noreferrer nofollow"></a> 
 Glassnode, a prominent analytics firm, has observed that the filing of BlackRock’s Bitcoin spot exchange-traded fund (ETF) application is prompting US-based entities to increase their accumulation of the leading cryptocurrency. Since BlackRock, the world’s largest investment firm managing over $10 trillion in assets, submitted its BTC ETF application last month, the share of Bitcoin supply held and traded by US entities has seen a significant rise. 
 Although no US Bitcoin spot ETF application has been approved to date, despite submissions from Grayscale, VanEck, and Cathie Wood’s ARK Invest, Glassnode highlights that the launch of the first Bitcoin futures ETFs was approved by the US Securities and Exchange Commission (SEC) in October 2021. 
 Glassnode shares a chart illustrating the surge in BTC supply held or traded by US investors, while Asian-based market participants appear to be distributing their Bitcoin holdings. This trend suggests a potential shift in supply dominance if sustained, following the announcement of BlackRock’s Bitcoin ETF request on June 15th. 
 The analytics firm also notes that approximately 560,000 Bitcoin owned by short-term holders (STHs), accounting for 21% of the overall STH supply, were purchased at a price close to the current value of BTC. This indicates that a significant portion of the STH supply could experience losses if Bitcoin undergoes a mild corrective phase. 
 It is worth noting that the price of Bitcoin at the time of writing is $30,556, which adds context to the analysis provided by Glassnode. 
 The increasing interest and accumulation of Bitcoin by US entities in response to the potential approval of BlackRock’s Bitcoin ETF highlights the significance of ETFs in the cryptocurrency market. It also showcases the ongoing impact of regulatory decisions and investor sentiment on Bitcoin’s supply dynamics. 
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 The post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/blackrocks-bitcoin-etf-application-drives-us-entities-to-accumulate-btc-glassnode-reports/">BlackRock’s Bitcoin ETF Application Drives US Entities to Accumulate BTC, Glassnode Reports</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.
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BlackRock’s Bitcoin ETF Application Drives US Entities to Accumulate BTC, Glassnode Reports

ItsBitcoinWorld

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