Institutional adoption of Bitcoin has reached a new peak, with over 10% of the total BTC supply now held by public companies or in exchange-traded funds.
He stated:
“The daily percentage of all Bitcoin in existence that is being acquired by institutions per day (blue) is currently 10X higher than the Bitcoin mining Supply Growth Rate (red)! Notice how every time institutional buying has exceeded the Supply Growth Rate, price went VERTICAL.”
According to him, whenever institutional trading makes up between 10% and 50% of the platform’s daily activity, “price has historically rocketed.”
Considering this, Edwards believes this trend is fueling a bullish outlook for the top crypto asset, saying:
“It’s hard not to be bullish with the exponential growth in the number of treasury companies, the amount of Bitcoin they are buying, and the frequency at which they are buying. It’s never been seen before in history. The demand these companies have for Bitcoin is striping 1000% of the daily Bitcoin supply out of the market every day.”
As a result, he believes that the Bitcoin price will soon break back above the $118,000 range.
