CryptoQuant: Total BTC holdings by large entities grow to July 2022 levels

CryptoQuant analysis found that due to the large entity’s determined accumulation of digital assets, its total BTC holdings have grown to July 2022 levels, rising significantly from 3.694 million in December 2022 to 3.964 million at the time of writing. Analysts say the increase in Bitcoin holdings by large investors is linked to rising Bitcoin prices because it signals growing investment demand. Some of the larger entities accumulating BTC are the new spot Bitcoin ETFs, excluding Grayscale GBTC. They have become a major source of demand for BTC, holding around 300,000 BTC at the time of writing. Additionally, while large entities continue to accumulate holdings, sales activity by Bitcoin miners remains low, with daily sales of less than 100 BTC over the past few weeks, compared to 1,000 BTC and above in November-December 2022. The levels are in sharp contrast. (CryptoPotato)