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Bitcoin did not get off to an auspicious start to the current week. In fact, the price of BTC fell on Monday, September 13, almost to the same level of the previous week, when the price plummeted 16% in a few hours. However, despite the strong correction that began on Tuesday, September 7, BTC inventories from major exchanges declined during that week.
According to a Glassnode report on Monday the 13th, commented on by CriptoNoticias, the exchanges registered an outgoing flow of USD 1.2 billion in bitcoin, despite the downtrend.
In particular, the Glassnode report highlighted the strong growth slope of the bitcoin supply in the hands of long-term holders (LTH), those who have held their BTC for more than 155 days, as seen in the following graph.
Since Monday the 13th there has been a recovery in the price of BTC, from USD 43,118 to USD 47,323, which represents an appreciation of 9.75% so far this week.
MicroStrategy maintains bitcoin accumulation policy
Since the first purchase of bitcoin to include it as part of its treasury reserve, in August 2020, MicroStrategy has continued to invest in the main cryptocurrency. With the most recent acquisition of 5,050 BTC, commented on by CryptoNews, MicroStrategy has reached 114,042 BTC held, with a total paid out of $ 3.16 billion. The average price per BTC acquired is USD 27,713, which, compared to the current price, represents an appreciation of that investment of 74% at the time of writing this article.
Institutional investment in bitcoin exceeds USD 70,000 million
MicroStrategy ranks among the group of publicly traded companies, which collectively hold about 221,413 BTC, 1.2% of bitcoin supply. Of the group of private companies, those that have disclosed their investment in bitcoin, account for 0.92% of the supply, with 174,068 BTC retained.
The majority sector in the investment in bitcoin, with 4.34% of the supply, These are bitcoin ETFs and similar funds, among which Grayscale’s bitcoin fund stands out. The chart below, updated by Willy Woo with the latest CriptoStrategy purchase, provides the overview of institutional investing in bitcoin.
The figures, from bitcointreasuries.org, and commented on by CriptoNoticias last Wednesday, September 15, reveal that institutional investment in bitcoin exceeds USD 70,000 million. The total of BTC held in the different investment modalities is 1,481,905 BTC.
Global brokerage firm offers bitcoin to its clients
One of the largest brokerage firms in the United States, Interactive Brokers, with offices in the United States, Europe, Australia, China and other Asian countries, is offering its clients trading services for bitcoin and other cryptocurrencies, as reported CryptoNews.
Its CEO, Thomas Peterffy, He noted that he has included bitcoin in his personal investment portfolio since 2018. The executive stated in an interview with CNBC that he made the decision to offer bitcoin trading at the request of many clients and that they will have very competitive transaction fees. “Commissions, between 0.12% and 0.18%, are half or a third of what exchanges like Gemini or Coinbase charge,” said Peterffy.
Interactive Brokers has 1.49 million clients, conducts an average of 2.17 billion daily transactions and manages assets of USD 364 billion.
Featured chart of the week
There has been agreement among numerous analysts on the shock of the BTC supply that is produced by the increasing accumulation on the part of holders who have shown little tendency to sell. If the flow of BTC to long-term holders grows, there is less availability in the market to meet the demand. This Glassnode graph shows the evolution of the supply shock together with the price of BTC.
Glassnode highlights the bullish momentum zones, in green, which correspond to times when fluctuations in the price of bitcoin derivatives are favorable to the rise in the spot price, especially near the monthly expiration of futures contracts. There is currently a noticeable increase in the supply shock, so the upward momentum is expected to continue in October.
Bitcoin ETF still awaiting SEC approval
As mentioned above, bitcoin ETFs and similar funds represent the dominant sector in institutional investment in bitcoin. Canada was ahead of the United States in approving these exchange-traded funds that track the price of bitcoin. Last Wednesday, September 15, the deadline that the United States Securities and Exchange Commission (SEC) had expired to decide on the application for a bitcoin ETF introduced last March by the investment company VanEck.
This regulatory body decided to adhere to the 30-day period legally established, as we report in this publication, and has until November 14 to make the decision of approval or rejection.
Last Tuesday the 14th, the president of the SEC, Gary Gensler, appeared before the Committee on Banking, Housing and Urban Affairs of the United States Senate and pointed out in his speech that bitcoin and other cryptocurrency exchanges trade securities and therefore must register with that commission, as reported by CriptoNoticias.