- Institutional Bitcoin demand has doubled in 2024, with major inflows in spot ETFs, signaling robust interest from large investors.
- Whale wallets holding 1,000+ BTC saw substantial inflows, highlighting growing control of the market by high-net-worth entities.
- Bitcoin reached a five-month high, trading near $71,475, as daily trading volume spiked by 123% to reach $47 billion.
Since January, institutional interest in Bitcoin has grown rapidly, with U.S.-based spot Bitcoin ETFs recording significant inflows. CryptoQuant CEO Ki Young Ju reported in an X post that these spots Bitcoin ETFs have seen around 278,000 BTC in inflows this year, indicating strong demand from both retail and institutional investors. However, retail participation accounts for 80% of these inflows, a notable indicator of sustained interest in the cryptocurrency market from small-scale investors.
Whales Increase Their Bitcoin Holdings
The past year has also witnessed a significant accumulation of Bitcoin by whale addresses wallets holding at least 1,000 BTC but excluding exchanges and mining pools. According to CryptoQuant’s data, these whale addresses saw an inflow of approximately 670,000 BTC. This trend highlights the growing concentration of Bitcoin holdings among high-net-worth entities, further influencing Bitcoin’s market structure. The data reflects that institutional demand in self-custodial wallets has now reached double that of retail investors, indicating increasing confidence in Bitcoin as an asset among large players.
Metaplanet Joins High-Profile Bitcoin Investors
Japanese investment firm Metaplanet was recently added to the list of major Bitcoin holders. As reported by Crypto. Metaplanet increased its Bitcoin holdings by 156.7 BTC on October 28, bringing its total holdings to over 1,018 BTC, valued at over $70 million. The firm’s decision to boost its Bitcoin investments aligns with the rising institutional interest observed in recent months, suggesting that major firms are increasingly viewing Bitcoin as a long-term asset.
In the last 24 hours, Bitcoin’s price has surged by 4%, briefly touching a five-month high of $71,475. At the time of writing, Bitcoin is trading close to $70,950, placing it within 3.5% of its all-time high of $73,750. Besides this price momentum, Bitcoin’s daily trading volume has increased by 123%, reaching $47 billion. The cryptocurrency’s market capitalization has also crossed the $1.4 trillion mark due to this price surge.
Data from IntoTheBlock indicates that over 99% of Bitcoin holders are currently profitable, creating the possibility of short-term profit-taking. While this scenario could lead to price corrections, the significant inflows from institutional investors suggest that overall demand remains strong, with Bitcoin continuing to attract attention as a robust financial asset in 2024.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
