Recent analysis from on-chain intelligence platform CryptoQuant has found that large entities’ total bitcoin (BTC) holdings have grown to a level last seen in July 2022 due to their unwavering accumulation of the digital asset.
According to CryptoQuant’s weekly crypto report, the BTC holdings of these entities have grown significantly from 3.694 million in December 2022 to 3.964 million at the time of writing. Analysts said large investors expanding their holdings correlate with BTC’s higher prices as they indicate increasing demand for investment purposes.
Large Entities Continue BTC Accumulation
Some large entities accumulating BTC are the new spot Bitcoin exchange-traded funds (ETFs), excluding Grayscale’s GBTC. They have become a primary demand source for the leading digital asset, holding approximately 300,000 BTC at the time of writing.
Although a few large entities have offloaded their assets in large quantities, selling as much as 300,000 BTC per day in the last few day
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