Institutional investors have been steadily increasing their accumulation of Bitcoin since BlackRock applied for a spot BTC ETF. This growth coincided with a decrease in BTC balances on exchanges. Data from ByteTree showed that the amount of Bitcoin held by funds grew to nearly 850,000 BTC in June, indicating widespread institutional accumulation. The increased institutional interest in Bitcoin is also reflected in the number of BTC whales reaching a 1-month high of 1,685 on July 7, according to Glassnode data. Meanwhile, BTC continues to trade above $30,000.
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