Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
BlackRock’s Bitcoin ETF Submission Encourages US Organizations to Gather BTC, According to Glassnode Analysis
Glassnode, a leading analytics company, has noted that the submission of BlackRock’s Bitcoin spot exchange-traded fund (ETF) application is encouraging US-based entities to enhance their acquisition of the primary cryptocurrency. Following BlackRock, the largest investment firm globally managing over $10 trillion in assets, filing its BTC ETF application last month, the proportion of Bitcoin supply held and traded by US entities has experienced a notable increase.
Despite the fact that no US Bitcoin spot ETF application has received approval to date, even with submissions from Grayscale, VanEck, and Cathie Wood’s ARK Invest, Glassnode points out that the US Securities and Exchange Commission (SEC) approved the launch of the first Bitcoin futures ETFs in October 2021.
Glassnode presents a chart that depicts the increase in BTC supply held or traded by US investors, while participants in Asian markets seem to be liquidating their Bitcoin assets. This pattern indicates a possible shift in supply dominance if it continues, following the announcement of BlackRock’s Bitcoin ETF request on June 15th.
Related Posts
The analytics firm further observes that around 560,000 Bitcoin owned by short-term holders (STHs), representing 21% of the total STH supply, were acquired at prices near the current value of BTC. This suggests that a considerable segment of the STH supply may face losses if Bitcoin experiences a slight corrective phase.
At the time of writing, the price of Bitcoin stands at $30,556, providing context to the analysis offered by Glassnode.
The rising interest and accumulation of Bitcoin by US entities in light of the potential approval of BlackRock’s Bitcoin ETF underscores the importance of ETFs in the cryptocurrency landscape. It also illustrates the ongoing influence of regulatory decisions and investor sentiment on Bitcoin’s supply dynamics.
The post BlackRock’s Bitcoin ETF Application Drives US Entities to Accumulate BTC, Glassnode Reports appeared first on BitcoinWorld.
