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Cryptoknowmics 2022-03-14 06:28:50

Institutions Account for 99% of Bitcoin Transactions Over $100,000

Institutional demand for Bitcoin (BTC) continues to grow even if there is not much reflected in prices. According to the latest report from IntoTheBlock, over 99% of bitcoin volume comes from cryptocurrency transactions over $100,000 fueled by institutional traders. Crypto’s Institutional Appeal Continues to Grow 99% — Currently over 99% of all #Bitcoin volume comes from transactions of over $100kThe dominance of institutions and change in market structure accelerated in Q3 2020 pic.twitter.com/Lo0ieCrPZG — IntoTheBlock (@intotheblock) March 13, 2022 IntoTheBlock’s report reveals that institutional interest in cryptocurrency picked up pace since the third quarter of 2020, after which the share of the institutional transaction volume never went below 90%. In fact, since 2020 Q3, companies like PayPal, Tesla, MicroStrategy heavily added the flagship cryptocurrency into their balance sheet, resulting in highs throughout 2021 with the former buying BTC as a strategic primary reserve asset. Bitcoin Behaving Similarly to Equities The report also states that while Bitcoin has historically recorded highs in tandem with institutional investment, it has recently behaved similarly to equities. Currently, both the stock and crypto market is experiencing the high impact of inflation in the U.S., accelerated by the Russia-Ukraine conflict. Other significant on-chain data suggests the number of Bitcoin wallets with a non-zero balance has rea...

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