ARK Report: Institutional and large-capital users’ interest in investing in Bitcoin continues to grow

CoinVoice · 2023-07-06T12:13:03.000Z

CoinVoice recently learned that on July 6, Ark Invest’s latest Bitcoin report stated that nearly 70% of Bitcoin’s supply has not been transferred in at least a year, indicating that the holder base is strengthening and that long-term Bitcoin Coin investors have confidence in it. The report noted that Bitcoin closed June at $30,460, a monthly gain of 11.9%. Bitcoin found strong technical support, with prices ending the month 14% above the 200-week moving average. Additionally, since Blackstone filed for a Bitcoin spot ETF on June 15, the discount on Grayscale Bitcoin Trust (GBTC) has fallen from 42% to 30%, reaching its lowest point in a year. This narrowing of the discount may indicate increased market expectations for the approval of a Bitcoin spot ETF, thereby increasing the likelihood of GBTC converting into an ETF.

CoinVoice has recently learned that on July 6, Ark Invest’s latest Bitcoin report stated that nearly 70% of Bitcoin’s supply has not been transferred in at least a year, indicating that the holder base is strengthening and long-term Bitcoin investors have confidence in it.
The report noted that Bitcoin closed June at $30,460, a monthly gain of 11.9%. Bitcoin found strong technical support, with the price ending the month 14% above its 200-week moving average. In addition, since Blackstone Group submitted its application for a Bitcoin spot ETF on June 15, the discount of Grayscale Bitcoin Trust (GBTC) has fallen from 42% to 30%, reaching its lowest point in a year. This narrowing of the discount may indicate that the market's expectations for the approval of a Bitcoin spot ETF have increased, thereby increasing the possibility of GBTC's conversion into an ETF.
The report also pointed out that Bitcoin holdings on over-the-counter trading platforms reached a one-year high in June, with Bitcoin balances increasing by 60%, indicating that institutions and large capital allocators are paying more attention to Bitcoin as an investment option. [Original link]