Despite the ongoing bear market conditions in the crypto industry, a recent report by CryptoQuant suggests that Bitcoin’s institutional adoption is increasing. Top fintech companies like Microstrategy, Tesla, Block, and Galaxy Digital Holding have accumulated significant amounts of BTC over the past three years, even though the BTC price is down by 55% from its all-time high. The report also highlights that regulatory uncertainty has prevented some companies from adopting Bitcoin, but recent filings by leading asset management companies indicate a bullish sentiment towards digital gold.
The report predicts that the next wave of institutional adoption will not only benefit the companies themselves but also have a significant impact on their clients. The recent acceptance of bitcoin futures exchange-traded funds by the US Securities and Exchange Commission has prompted companies like BlackRock, Fidelity, Citadel, Charles Schwab, and Nasdaq to enter the digital asset industry.
Furthermore, the analysis suggests that the previous round of institutional adoption fueled a massive bull run in 2021, indicating the possibility of another bullish momentum in the future. CoinMarketCap data shows that the global crypto market capitalization has grown slightly over the past 24 hours, standing at nearly $1.18 trillion. However, recent legal actions against Binance and Coinbase by the SEC caused the market cap to drop to almost $1 trillion. Despite this, crypto investors have been accumulating approximately $170 billion worth of digital assets in the past two weeks, with the bitcoin price surpassing the $30,000 mark.
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