Ki Young Ju, the CEO of CryptoQuant, revealed on October 29 that there is a notable rise in demand for Bitcoin among corporate investors. Over the past year, a significant amount of Bitcoin has been moved into wallets designated for major holders. This trend includes transfers beyond exchanges and mining pools, illustrating a shift in the market landscape.
Why Are Corporations Increasing Their Holdings?
Ju pointed out that corporate players are prioritizing security in their investments, choosing more reliable storage options. Currently, corporate wallets are responsible for a substantial portion of the 670,000 BTC held in major wallets.
What Sets ETFs Apart from Whale Wallets?
According to Ju, while ETF wallets typically maintain balances below 1,000 BTC, larger wallets are usually under corporate management. This distinction highlights a growing trend towards secure storage solutions among corporate entities, suggesting a future increase in demand for both spot Bitcoin ETFs and secure wallets.
Key findings from this report include:
- Corporate demand for Bitcoin is rising sharply compared to individual investors.
- Secure storage solutions are becoming increasingly popular among large-scale investors.
- ETF wallets tend to hold less Bitcoin than corporate wallets.
- Recent market activity has resulted in a notable price increase for Bitcoin.
In light of these developments, Bitcoin’s price has surged by 3.90% in the last 24 hours, hovering around $71,000. This uptick has also been accompanied by a dramatic increase in trading volume, which rose by 145.55%, reaching $47.48 billion, with Bitcoin experiencing over a 5% price rise just in the past week.
