Cryptoquant found that large custody wallets accumulated $53 billion in Bitcoin over 12 months, suggesting that institutional demand for Bitcoin hasn’t gone away.
Bitcoin accumulation by wallets holding between 100 and 1,000 BTC could signal that there is continued interest in Bitcoin from institutional investors in the US.
“Institutional demand for Bitcoin remains strong,” said CryptoQuant founder Ki Young Ju on Tuesday, adding that 577,000 Bitcoin (BTC) has been added to this wallet cohort (which includes exchange-traded funds) over the past year, “and it’s still flowing in.”
The increase is around 33% over the last 24 months, according to CryptoQuant, which is around the time when the first spot Bitcoin ETFs were launched.
