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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Major Bitcoin Addresses See 5% Holding Boost – What’s Driving The Accumulation?

Christian Encila
Christian Encila
1 year ago
2 mins read
Bitcoin

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Recent data illustrates the interesting trend in Bitcoin ownership, where addresses that hold between 100 and 1,000 BTC control approximately 20.3% of the circulating supply.

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This would amount to a total of about 4.01 million BTC, which is a considerable surge of 5% compared to the 3.82 million BTC it had just six months ago.

The rising accumulation by major holders shows strong interest in the cryptocurrency market; hence, this also reflects the greater institutional adoption and confidence in Bitcoin as an asset.

Addresses holding between 100 and 1,000 BTC now control 20.3% of the circulating supply, equivalent to 4.01 million BTC.

This marks a 5% increase from 3.82 million BTC six months ago, highlighting growing accumulation by large holders pic.twitter.com/JwkxBgWmDS

— IntoTheBlock (@intotheblock) September 8, 2024

 

Source: IntoTheBlock

The Rise Of Institutional Interest

The world of cryptocurrency is changing, and right at the forefront of that change is institutional interest. It has just been shown in a recent Coinbase survey that nearly one-third of institutional respondents have increased their crypto holdings over the past year.

Consequently, there is a surge in confidence: 64% of those already invested are expected to invest even more resources into cryptocurrencies in the next three years.

This is the most important sentiment, because it means long-term commitment to digital assets and, especially, Bitcoin, which is still perceived as “digital gold.”

BTCUSD trading at $57,277 on the daily chart: TradingView.com

Bitcoin: The Big Players

Significantly, key financial giants such as Grayscale and BlackRock have been leaving no stone unturned in the crypto space. Grayscale’s Bitcoin Trust saw billions invested into it, while BlackRock’s foray into Bitcoin ETFs simply legitimized the asset class.

The greenlighting of spot Bitcoin ETFs by the US Securities and Exchange Commission has been a game-changer, with such funds gathering more than $25 billion in assets within one month of their launch.

Such a surge of institutional money does not only tame volatility in the market but also greatly increases the credibility of Bitcoin as a mainstream form of investment.

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Corporate Strategies And Massive BTC Adoption

While this is the case, and as the appeal of Bitcoin continues to rise, many companies have started rethinking their treasury strategies.

According to River, a Bitcoin technology company, in about 1.5 years, an estimated 10% of US-based companies could invest about 1.5% of their cash reserves, approximately $10.35 billion, into Bitcoin. This hypothesis has been based on the premise that companies need to combat inflation and hunt for asset diversification.

The future of Bitcoin is, therefore, bright and very attractive to corporate finance. Such rapid growth in BTC holdings among major addresses may indicate that big investors position themselves for long-term gains.

Featured image from Ranker, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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