The world’s largest cryptocurrency, Bitcoin (BTC) is currently going through a substantial price recovery after losing almost 70% of its value in the past eight months. Amid the latest market recovery, the BTC balance on leading digital exchanges is plunging.
According to Glassnode, an on-chain analytics platform, the Bitcoin exchange balance reached 2.37 million BTC on Friday, the lowest level since July 2018. Coinbase suffered the most due to the recent balance dip. In July 2022, Binance became the digital exchange with the largest Bitcoin holdings.
On 6 August 2022, BTC stayed above $23,000 after a jump of approximately 2%. Institutional interest in the world’s most valuable digital asset has increased in the last few days. In the last week of July 2022, BTC investment products witnessed inflows worth $85 million.
So far this year, BTC investment products attracted $326 million worth of inflows, compared to outflows of $314 million from ETH products.
BlackRock’s Crypto Move
Earlier this week, BlackRock, the world’s largest investment management firm, formed a partnership with Coinbase to expand its presence in the growing crypto market.
“This move shows how far the industry has come since BlackRock’s CEO, Larry Fink, said in 2017 – “Bitcoin just shows you how much demand for money laundering there is in the world. That’s all it is.” Now, BlackRock is opening floodgates for institutions to access Bitcoin through its Aladdin product. Aladdin was developed in 1988 and aims to bring clarity to institutional investors. It helped BlackRock stand out amongst its competitors over the years. In 2020, Aladdin handled $21.6 trillion worth of assets, which is over 4% of the world’s wealth. It is connected to over 55,000 investment professionals. It has been announced that Aladdin’s clients will have access to Bitcoin,” Marcus Sotiriou, Analyst at GlobalBlock, commented.