Bitcoin continues to dominate the market as it struggles to find a continued surge in price. In its latest weekly report, crypto exchange Bitfinex highlighted a key part of Ark Invest’s report to show growing support from strong holders and improved institutional sentiment toward Bitcoin.
As of early July, 70% of the existing Bitcoin supply of 19.4 million BTC has remained unmoved for at least 12 months. This means that Bitcoin’s unmoved supply, that is, the amount of BTC that hasn’t been transferred in over a year, just reached an all-time high.
Bitcoin Sees Growing Institutional Interest
Institutional investors are taking interest in Bitcoin as a hedge against inflation. When major players put serious money into an asset, it signals they believe in its future value.
According to the report, several factors have contributed to the increase in long-term confidence of Bitcoin investors. One major influence is the news of major investment companies filing for Bitcoin spot ETF
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