CryptoQuant analysis found that due to the firm accumulation of digital assets by large entities, their total BTC holdings have grown to July 2022 levels, a significant increase from 3.694 million in December 2022 to 3.964 million at the time of writing. Analysts say that large investors' accumulation of Bitcoin is correlated with rising Bitcoin prices because it indicates increasing investment demand.
Some of the large entities accumulating BTC are the new spot Bitcoin ETFs, excluding Grayscale GBTC. They have become the main source of demand for BTC, holding about 300,000 BTC at the time of writing.
Furthermore, despite continued accumulation by large entities, Bitcoin mining activity remains low, with daily sales of less than 100 BTC in the past few weeks, in stark contrast to levels of 1,000 BTC and above in November-December 2022. (CryptoPotato) #BNB打怪升级之旅
