Ark Invest Report Highlights Strong Bitcoin Holders and ‘Improved Institutional Sentiment’
Ark Invest, the investment firm that focuses on disruptive technologies, has published a report discussing bitcoin’s (BTC) recent momentum. The leading cryptocurrency has outpaced nearly every traditional asset during the first half of 2023, climbing more than 80% against the U.S. dollar.
Key Points:
- Institutional interest in bitcoin is increasing following the Blackrock spot bitcoin ETF filing.
- Increased balances on OTC desks suggest institutions and large capital allocators are focusing more on bitcoin.
- Strong bitcoin holders have fortified the holder base, with nearly 70% of bitcoin not moving in at least one year.
- Bitcoin has found strong technical support at its 200-week moving average, closing the month 14% above it.
- Macro-economic events indicate potential recession, but BTC has performed strongly despite the uncertainty.
The bullish signs for bitcoin are occurring amidst a tightening cycle that is “unprecedented in magnitude,” according to Ark’s report. Despite warning signals of a potential recession, BTC has found support and continues to perform well. The report highlights the increased institutional interest and the strong holder base as positive indicators for bitcoin’s future.
Hot Take:
Bitcoin’s recent momentum, coupled with increased institutional interest and a fortified holder base, suggests a positive outlook for the leading cryptocurrency. Despite macroeconomic uncertainty, bitcoin has found support and performed strongly. This reinforces the belief that bitcoin is becoming a mainstream investment option with long-term potential.
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