According to recent hedge fund Ark Invest data, a historical amount of the Bitcoin supply has remained dormant for at least a year, with roughly 70% of the circulating supply unmoved in June 2023. Despite looming economic uncertainty, this dynamic occurs alongside a surge in institutional interest in the cryptocurrency. In June, several factors contributed to the increased robustness of the Bitcoin price action. Ark Invest, a renowned asset management firm, highlighted this trend in its recent Bitcoin report. Their data sheds light on the risen support from steadfast holders and a noticeable shift in institutional sentiment towards Bitcoin. Bitcoin Holder Base Strength According to Ark Invest’s analysis, around 70% of Bitcoin’s circulating supply has not changed hands for at least one year. This statistic signifies an increase in the confidence of long-term Bitcoin investors, contributing to a sturdier holder base. As seen in the chart below, there has been a spike in Over-the-Counter Transactions (OTC) that hint at growing institutional demand. A one-year high was seen in the balance of BTC held on over-the-counter (OTC) tradin ..
Support the originator by clicking the read the rest link below.
