Bitcoin (BTC) purchases have increased, led by the largest institutional bull, MicroStrategy (Strategy).
In recent months, many companies, including US giant GameStop, have purchased BTC for the first time.
A study at this point revealed that approximately one-third of the Bitcoin supply is held in central institutions.
According to recent research by Gemini and Glassnode, it was found that nearly a third (30.9%) of Bitcoin’s circulating supply, or approximately 6.1 million BTC, is held by institutions.
These BTCs, worth $668 billion, are held in central treasuries, including governments, ETFs, and public companies.
According to the report, these figures represent a 924% increase over the past decade, indicating that these organizations view Bitcoin as a strategic store of value.
“As institutional adoption has increased, the price of Bitcoin has risen from below $1,000 to over $100,000 over the same period, reinforcing the thesis that institutions are increasingly viewing Bitcoin as a strategic asset.
“While Bitcoin remains a risky asset, its integration with traditional finance has made its price action more reliable and less susceptible to speculative excesses.”
The Gemini and Glassnode research also found that sovereign treasury wallets move infrequently and show little correlation to Bitcoin’s price cycles. However, the report noted that there is enough BTC in government treasuries to influence its price, and that when Bitcoins are moved or sold, they can affect markets.
*This is not investment advice.