In June, the volume of the first cryptocurrency, which was without movement for more than a year, reached an all-time historical maximum of 70% of the total market supply of the coin. This is reported by ARK Invest in a monthly report.
According to analysts, the indicator indicates the confidence of hodlers and institutionals in the long-term prospects of digital gold
At the end of the month, Bitcoin closed at $30,460, showing an increase of 11.9%. The experts highlighted that the asset gained strong technical support on the 200-week moving average, trading 14% above it.
The number of bitcoins in the OTC markets also reached a new high, closing at 60% of the total supply by the end of the quarter. This suggests that companies and large investors are increasingly considering the asset as a long-term investment, according to ARK Invest.
Analysts noted the strengthening of positions GBTC from Grayscale Investments. After BlackRock submitted an application to launch an ETF based on the first cryptocurrency, bitcoin trust quotes rose by 57%, and the discount to NAV decreased from 41.7% to 29.3%.
Earlier, ARK Invest analyst Yassin Elmanjra stressed that BlackRock’s filing could be “a turning point on digital gold’s journey to institutional recognition.”
Experts also paid attention to stablecoins: USDC supply has decreased by 37% since the beginning of the year, and USDT supply has increased by 25%, reaching ATH.
Despite the positive performance for the first cryptocurrency, the company warned of upcoming economic problems. Manufacturing sector data point to a decline in new orders. The US gross domestic income is also consistently declining, which indicates a possible recession.
Recall that Block Scholes analysts reported that Bitcoin lost correlation with the US stock market – the 90-day moving average of the coefficient dropped to almost zero.
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