Record high 15 million Bitcoins are being held by illiquid entities
Per Business Insider
Illiquid entities, those with little-to-no spending history, are now holding a record-high amount of Bitcoins, giving signs of accumulation happening. The total number of Bitcoins held increased by 215,000 to 15,207,843 Bitcoins in total.
Data from Glassnode, cited by CoinDesk revealed the increase in holdings, suggesting a surge in demand for Bitcoin. To top this off, the cryptocurrency also jumped by 9% on Wednesday.
The report said that as illiquid entities hold record-high amounts of Bitcoin, this points toward gradual and steady accumulation happening for the cryptocurrency. This came shortly after BlackRock recently submitted a spot Bitcoin ETF application.
WisdomTree and others have also filed for Bitcoin ETFs as well. So far, the asset is up by over 80% in 2023. However, it's important to note that the SEC has previously rejected Grayscale's Bitcoin ETF application despite how others assumed that they would be accepted given BITO and other ETFs.
Glassnode analyst James Check gave a statement regarding the situation
Check: "Overall, the market appears to be in a period of quiet accumulation, which suggests an undercurrent of demand, despite the regulatory headwinds of late,"
In April, Standard Chartered said that Bitcoin could hit $100,000 by the end of 2024. It was also said that the "crypto winter" was finally over.
See flow at unusualwhales.com/flow.
Other News:
- Bitcoin could hit $100,000 by end-2024, Standard Chartered has said
- SEC Rejects Grayscale Bitcoin ETF
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