Institutional demand strengthens bitcoin's investor base — Bloomberg

According to analytics firm 10x Research, major bitcoin holders liquidated over 500,000 BTC from their long positions during the past year, equivalent to more than $50 billion.

These sales have been counterbalanced by rising institutional demand from exchange-traded funds (ETFs) and corporations. 10x Research reports that financial institutions and credit companies have acquired approximately 900,000 bitcoins over the last year, now controlling about 24% of the 20 million BTC in circulation. Bloomberg analysts note that these trends are reshaping the token’s nature, transforming it into an instrument of gradual distribution.

DRW's Rob Strebel observes that the cryptocurrency is being treated as a regulated asset. Consequently, one of bitcoin's most attractive features for certain traders, price instability, is diminishing. The Deribit BTC Volatility Index has dropped to its lowest level in approximately two years.