Investors from the traditional finance sector are gobbling up Bitcoin (BTC) at “unprecedented” levels, according to the co-founder and chief executive of analytics platform CryptoQuant.
Ki Young Ju tells his 335,600 followers on the social media platform X that traditional finance investors are dollar-cost averaging 6,896 BTC per day.
“They accumulated 103,726 BTC over the past 7 days. It’s an unprecedented level of accumulation.
This accumulation address cohort doesn’t have any outflows. When it shows any outflows, the cohort excludes that address.”
Young Ju also predicts that Bitcoin will see a sell-side liquidity crisis this year.
“Fresh capital from spot exchange-traded funds (ETFs) has seen a 95% month-on-month [increase], excluding Grayscale Bitcoin Trust (GBTC). At this rate, holdings could surpass a couple of million BTC this year.
Exchanges, miners, and their affiliated addresses hold 3 million BTC.”
Of the 10 new ETFs, Grayscale’s is the only one that isn’t an entirely new product: After the U.S. Securities and Exchange Commission (SEC) issued a flurry of BTC ETF approvals in January, the crypto-focused asset management giant converted its existing flagship product, the Grayscale Bitcoin Trust (GBTC), into an exchange-traded fund listed on the exchange NYSE Arca.
Bitcoin is trading at $66,241 at time of writing. The top-ranked crypto asset by market cap is up nearly 4% in the past 24 hours.
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