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<p class="is-style-lead">The crypto industry has witnessed a massive bear storm over the past 18 months as high inflation threats finances. Despite the red market conditions, a recent report by CryptoQuant suggests that Bitcoin’s (<a href="https://crypto.news/price/bitcoin/">BTC</a>) institutional adoption is on the rise.</p> 
<p>For instance, top fintech companies have accumulated significant BTC amounts over the past three years. According to the report, Microstrategy’s bitcoin purchases are worth almost $4 billion, while the BTC price is still down by 55% from its all-time high (ATH).</p> 
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   <p lang="en" dir="ltr">While waiting for the <a href="https://twitter.com/BlackRock?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@BlackRock</a> and <a href="https://twitter.com/Fidelity?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Fidelity</a>'s <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> Spot ETF approvals, <br><br>Check out our report, Institutional Adoption 2.0. <br><br>Our head of research, <a href="https://twitter.com/jjcmoreno?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@jjcmoreno</a>, wrote about what could catalyze the next big bull run for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> 9 months ago.<br><br>Link👇<a href="https://t.co/y7VI83ToXr" target="_blank">https://t.co/y7VI83ToXr</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1673929732205993985?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 28, 2023</a>
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<p><a href="https://crypto.news/tesla-sold-none-of-its-321m-worth-of-bitcoin-in-q1/">Tesla</a>, Block (formerly Square) and <a href="https://crypto.news/galaxy-digital-anticipates-more-vc-funding-for-web3-businesses-in-2023/">Galaxy Digital</a> Holding have also been sticking to their bitcoin holdings despite the market’s high volatility.</p> 
<p> You might also like: <a href="https://crypto.news/tesla-sold-none-of-its-321m-worth-of-bitcoin-in-q1/"> Tesla sold none of its $321m worth of bitcoin in Q1 </a> </p> 
<p>Moreover, the report suggests that some top companies couldn’t adopt bitcoin due to regulatory unclarity. Still, the recent filings by the world’s leading asset management companies show a bullish momentum for digital gold.</p> 
<p>According to CryptoQuant, the next generation of Bitcoin institutional adoption will not only favor the firms but could also significantly impact clients.</p> 
<p>Since the US Securities and Exchange Commission (SEC) started welcoming bitcoin’s futures exchange-traded funds (ETF) in late 2021, companies such as BlackRock, Fidelity, Citadel, Charles Schwab, and even Nasdaq jumped in the digital asset industry.</p> 
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<p>Furthermore, the analysis suggests since the first round of institutional adoption helped to start a massive bull run in 2021, there is a great chance that another bullish momentum could be on the way.</p> 
<p>Data provided by CoinMarketCap (CMC) <a href="https://coinmarketcap.com/charts/" target="_blank" rel="noopener">shows</a> that the global crypto market capitalization has grown by 0.2% over the past 24 hours, currently at almost $1.18 trillion. SEC’s legal action against Binance and Coinbase brought the market cap down to nearly $1 trillion in ten days.</p> 
<p>Over the past two weeks, however, crypto investors have accumulated $170 billion worth of digital assets while the bitcoin price <a href="https://crypto.news/bitcoin-30k-institutional-interest-demand/">surpassed</a> the crucial $30,000 mark.</p> 
<p> Read more: <a href="https://crypto.news/bitcoin-might-be-bracing-for-bull-run-on-resurgence-of-smart-investors/"> Bitcoin might be bracing for bull run on resurgence of smart investors </a> </p>

More institutions will soon embrace bitcoin, report says

crypto.news

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