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CryptoQuant CEO: The demand for Bitcoin allocation through custodial services is on the rise

CryptoQuant CEO: The demand for Bitcoin allocation through custodial services is on the rise

Bitget2024/10/29 06:11

CryptoQuant CEO Ki Young Ju posted on platform X stating that institutional demand for Bitcoin custody wallets is rising. Over the past year, there has been a net inflow of 278,000 Bitcoins (about 80% from retail investors) into U.S. spot ETFs, while large wallets (holding more than 1,000 Bitcoins and excluding exchanges and mining pools) have seen a net inflow of 670,000 coins. This shows that institutions are allocating to Bitcoin through custody services at about 2.4 times the scale of ETF channels.

Ki Young Ju added that these whale wallets are a superset of custody wallets. As most ETF wallets hold less than 1,000 Bitcoins, these figures can reflect the actual situation of custody wallets quite well. He also pointed out that more detailed data is needed to gain deeper market insights.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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