Categories: Finance

IntoTheBlock: “99% of the total transactions in the Bitcoin network are made by institutional”

IntoTheBlock: “99% of the total transactions in the Bitcoin network are made by institutional”

According to IntoTheBlock, Bitcoin has become much more popular among institutional investors in 2021. In the network of the first cryptocurrency, 99% of the total volume of transactions are transactions over $100,000.

In their report, the researchers note that a significant surge of interest in bitcoin from institutional investors was recorded in the third quarter of 2020, and in 2021 the trend continued. Since the third quarter of 2020, the share of large transactions has not fallen below 90%.

Analysts at IntoTheBlock also emphasized that large hedge funds and asset managers continue to enter the cryptocurrency industry. For example, cryptocurrency funds have launched Bain Capital and Squoia, while Pantera Capital has raised $1 billion for its fund.

It is also important that the number of bitcoin wallets with a non-zero balance continues to grow. The indicator reached 40 million addresses, while Ethereum has a similar figure exceeding 70 million addresses.

At the same time, the sphere itself is changing somewhat – bitcoin miners are starting to play an ever smaller role and have less and less influence on the cryptocurrency industry. Now the wallets of large miners have the smallest amount of BTC in 10 years, while the hash rate of the Bitcoin network, on the contrary, is at its maximum. It appears that the miners are selling their BTC holdings to cover operating costs.

Earlier, Apple co-founder Steve Wozniak said that he expects the BTC rate to rise and the coin may well rise to $100,000 in the foreseeable future.

Source: Bits