Institutional buying on the rise, BlackRock and Saylor’s Strategy hold $140.8 billion in BTC.
Together, they own over 6% of the total BTC supply.
Institutions are heavily accumulating either BTC, ETH, or gold, or a combination of them.
This bull cycle has seen a rapid upswing in Bitcoin (BTC) accumulation. Both BlackRock and Michael Saylor’s Strategy have proved that institutional buying on the rise. Presently, between the two entities, they hold a combined 1,297,325 Bitcoin worth $140.8 billion, meaning that together, they hold almost 6.18% of the total BTC supply, which is capped at 21 million, of which only under 2 million are yet to be mined.
Institutional Buying on the Rise
The crypto market has steadily gained more popularity compared to the last bull cycle. President of El Salvador, Nayib Bukele, began the BTC accumulation race unexpectedly when he made BTC a legal tender in his nation. Over the next few years, El Salvador saw a major improvement in their lifestyle, all because of Bukele’s bet on BTC. The nation used BTC profits to improve their country, and they also began to mine their own crypto using the geothermal power of their volcanoes.
Inspired by El Salvador’s success and Bukele’s vision, others began to accumulate BTC as well. To highlight, Michael Saylor and Strategy, then known as MicroStrategy, began to heavily accumulate Bitcoin, even when the market seemed bearish, showing how much he advocates for BTC. Even now, both El Salvador and Strategy continue to dominate in BTC accumulation and have shown no signs of slowing down despite intervening external forces.
This bull cycle, another BTC accumulation leader entered the race. One of the largest asset managers in the world, BlackRock, began to accumulate BTC at a rapid speed, and surprised others by just as dedicatedly accumulating ETH, the pioneer altcoin currency as well. So thorough has BlackRock’s BTC accumulation been that the financial institution is on par with Strategy.
Institutions Bet on BTC, ETH, and Gold
https://twitter.com/BitcoinMagazine/status/1942592929408901600
As we can see from the post above, it is confirmed that BlackRock and Michael Saylor's Strategy now together hold a combined total of 1,297,325 Bitcoin worth $140.8 billion. Indeed, this is no easy feat as this counts as an impressive amount of the BTC supply to hold, considering there will only ever be 21 million BTC in circulation. The entities’ total BTC pile comes up to roughly 6.18% of the total BTC supply.
https://twitter.com/spotonchain/status/1942754510092525966
Meanwhile, another institution is stockpiling ETH, as the post above indicates, the institution that bought $333.78 million worth of ETH in mid-June sold 33,585 ETH for $85.38 million USDC, locking in $806,000 in profit. The entity has realized over $30 million in profits from ETH and still holds 100,000 ETH staked. Lastly, Tether is stockpiling gold and is now holding $8 billion in gold in a secret Swiss vault.
