The historical Spot Bitcoin Exchange-Traded Funds (ETFs) have been a pivotal advancement for the entire cryptocurrency sector, attracting retail and institutional investors. Recent data shows that the institutional investors of the products have witnessed a notable surge as BTC continues to hold steady.
Spot Bitcoin ETFs Institution Ownership Upswing
In a recent X (formerly Twitter) post, popular market expert and host of the YouTube channel Crypto Banter Kyle Doops has cited a positive development around the spot Bitcoin ETFs. Kyle Doops highlighted that institutional ownership of Spot Bitcoin ETFs increased significantly during the year’s second quarter, fueled by renewed faith in the digital asset and growing optimism in the community.
According to the expert, the institutional holdings of spot BTC ETFs increased by over 27% within the timeframe, indicating rising adoption around these specific investors. As these investors desire more access to Bitcoin through sophisticated methods, the products seem to have become the favorite vehicle for profiting from the future growth of BTC.
Data from K33 Research (formerly Arcane Research), a smart beta index for crypto assets, found that on June 30, there were over 1,199 companies that entered spot BTC ETFs markets in the United States, having gained about 262 new firms.
The market expert noted that this rise is evidence of a surge in institutional trust in digital currencies and their potential for growth and revolutionizing the financial landscape.
The post read:
Bitcoin ETFs experienced a 27% surge in institutional ownership in Q2. K33 Research revealed 262 new firms jumped into the US spot Bitcoin ETF market, pushing the total to 1,199 by June 30. This uptick signals a booming institutional confidence in digital currencies.
This increase in institutional investors around the funds might be attributed to the recent optimism around BTC as speculations about a major price upswing continue to swell within the crypto community.
BTC Whales Shows Up With Massive Accumulation Strategy
In another X post, Kyle Doops highlighted that Bitcoin whales, also known as large crypto asset holders, have been consistently increasing their BTC holdings, indicating a probable rise in price.
Kyle Doops points to a rise in the whale ratio despite current market volatility since the Japan stock market crash earlier this month. Specifically, this metric, which shows how much of the total quantity of Bitcoin is held by top addresses, has increased significantly, demonstrating that investors might be gearing up for possible future gains.
The expert is confident about a potential rise in the value of BTC as a price surge is frequently preceded by this heightened accumulation stage, particularly following BTC Halving events. Furthermore, he claims that prices may rise shortly due to the recently concluded Halving event and the rising institutional interest through BTC spot ETFs.
Featured image from LinkedIn, chart from Tradingview.com
Source: https://bitcoinist.com/spot-bitcoin-etfs-gains-traction/