Bitcoin

<p class="is-style-lead">Bitcoin has been seeing increased institutional demand since the start of the year, according to CryptoQuant CEO Ki Young Ju.</p> 
<p>According to Young Ju’s X post, the U.S.-based spot Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) <a href="https://crypto.news/bitcoin-etfs-log-4-day-inflow-streak-with-479m-ether-etfs-face-outflows/" target="_blank">exchange-traded funds</a> recorded a net inflow of around 278,000 BTC since their launch in January—80% of the inflows belong to retail investors.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> institutional demand in custodial wallets is rising.<br><br>Over the past year, 278K BTC flowed into U.S. spot ETFs (80% retail) vs. 670K BTC into whale wallets (1K+ BTC, excluding exchanges/mining pools).<br><br>In custodial wallets, institutional demand is twice that of retail. <a rel="nofollow" href="https://t.co/OsxS7x3kEL" target="_blank">pic.twitter.com/OsxS7x3kEL</a></p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1851132489420718423?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 29, 2024</a>
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<p>However, whale addresses holding at least 1,000 BTC—excluding crypto exchanges and mining pools—saw an inflow of 670,000 BTC over the past year.&nbsp;</p> 
<p>The CEO of CryptoQuant, one of the leading market analysis platforms, said that the “institutional demand is twice that of retail” in self-custodial wallets.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/sequoia-could-gain-more-than-100m-from-stripes-1-1b-bridge-acquisition/"> Sequoia could gain more than $100m from Stripe’s $1.1b Bridge acquisition </a> </p> 
<h2 class="wp-block-heading" id="whales-control-the-majority">Whales control the majority</h2> 
<p>According to <a href="https://app.intotheblock.com/coin/BTC/deep-dive?group=financials&amp;chart=inAndOut" target="_blank" rel="nofollow">data</a> provided by IntoTheBlock, nearly 40% of the Bitcoin supply is sitting in <a href="https://crypto.news/bitcoin-whales-unsure-ahead-of-us-election-large-holder-net-inflows-plunge-from-38800-to-258/" target="_blank">whale</a> addresses holding at least 1,000 BTC.&nbsp;</p> 
<p>The latest company to join the list is the <a href="https://crypto.news/tag/japan/" target="_blank">Japanese</a> investment firm Metaplanet. Per a crypto.news report, Metaplanet <a href="https://crypto.news/metaplanets-bitcoin-total-holdings-surpass-1k-with-latest-10-4m-purchase/" target="_blank">increased</a> its Bitcoin holdings by 156.7 BTC on Oct. 28—the total amount reached 1,018 BTC, worth over $70 million at the reporting time.</p> 
<p>Bitcoin gained 4% in the past 24 hours and is trading at $70,950 at the time of writing. The asset briefly touched a five-month high of $71,475 earlier today. At this point, BTC is only 3.5% away from its all-time high of $73,750.</p> 
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  BTC price | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank">crypto.news</a>
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<p>The flagship cryptocurrency saw its daily trading volume surge by 123%, reaching $47 billion. Bitcoin’s market cap surpassed the $1.4 trillion mark following the recent price hike.</p> 
<p>According to ITB, over 99% of Bitcoin holders are currently profitable. This could hint at short-term profit-taking which could indicate a potential price correction.&nbsp;</p> 
<p> Read more: <a rel="" href="https://crypto.news/bsv-surpassed-52-as-open-interest-trading-volume-skyrocketed/"> BSV surpasses $52 as open interest, trading volume skyrocket </a> </p>

CryptoQuant: Bitcoin’s institutional demand sky explodes in 2024

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