Institutional demand for Bitcoin (BTC) does not seem to be fading based on the large transactions volume witnessed, according to a report by IntoTheBlock.
The study :
“Currently over 99% of all Bitcoin volume comes from transactions of over $100k, dubbed large transactions. The dominance of institutions and change in market structure accelerated in Q3 2020.”
Large transactions volume has been the norm in the Bitcoin market since the third quarter of 2020 because they have remained above 90%, per the report.
Institutional investments have played an instrumental role in revolutionizing the BTC ecosystem. For instance, they enabled the leading cryptocurrency breach the then all-time high of $20,000 in December 2020 after three years of waiting.
Since then, Bitcoin has been on a record-breaking streak, with the last historic high price of $69,000 set in November last year.
IntoTheBlock acknowledged that Bitcoin interest from tech and traditional finance institutions continues to grow exponentially, given that both new entrants and existing ones are not relenting on this asset.
For instance, some of the investments that have taken the crypto world by storm so far this year include Pantera Capital and Bain Capital, raising $1 billion and $560 million for crypto funds, respectively.
IntoTheBlock also noted that many addresses holding crypto continued going through the roof. The data analytic firm explained:
“Bitcoin addresses with a balance reached a record of nearly 40 million. Addresses holding Ether have outpaced this, with over 70 million having a positive balance of the smart contract platform’s native token.”
This correlates with the fact that Bitcoin hodlers unfazed despite the top cryptocurrency recently hitting lows of $34,000 based on accumulating more coins.
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