Tuesday, November 5, 2024 – The institutional demand for Bitcoin (BTC) has risen unprecedentedly in 2024, CryptoQuant reported recently.
The high demand for BTC has been fueled by the substantial crypto holdings known as whale accounts. A total inflow of 670 000 BTC, excluding the crypto exchanges and mining pools, has been recorded in whale accounts.
Since July, the US spot ETFs have purchased 8000 BTC, marking the highest daily purchase, reports said.
Further, during the first quarter of 2024, spot ETFs have purchased 9000 BTC daily.
The remarkable shift where institutional demand of BTC is twice that of retail investors also seen as ensuring the reliability of the digital currency.
The coming days could be decisive for BTC as it would run towards new highs, analysts say.
It is observed that the influx of institutional investors’ interest towards BTC was followed by the inflation and instability of the economic landscape.
Analysts believe that the crypto infrastructure that safeguards the institutional investments, along with strategic innovations, would compel them to rely on the crypto sphere.
The fourth quarter of this year is anticipated to follow a similar trajectory as previous halving years (2012, 2016, and 2020), where Bitcoin prices experienced significant uptrends of 9%, 59%, and 171%, respectively.
