Bitcoin has rallied hard post BlackRock’s ETF filing. However, there’s an interesting trend that has been in the making over the last five years.
Highlights
- Bitcoin held on exchange addresses has been in a perpetual decline following the COVID-19 crisis.
- The figures have dwindled by 11.7% all the way to 2.27 million BTC, marking the lowest since December 21st, 2017.
- Recent surge in the Bitcoin price was induced by the world’s largest asset manager, BlackRock, filing an application to the SEC for a spot BTC exchange-traded fund (ETF) The development soon encouraged two more US asset managers – WisdomTree and Invesco – to file fresh ETF applications last week.
- It further stated that the current market condition resembles the upward cycle of 2019.
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