According to data from Glassnode, the Bitcoin network has witnessed a surge in the amount of Bitcoin held by market players. Notably, this upward trend has been observed among Bitcoin holders in the United States.
Glassnode has suggested that this development is a result of BlackRock’s recent announcement regarding its application for a spot Bitcoin ETF. If this trend continues, it could indicate a potential shift in the asset’s supply dominance.
After BlackRock’s announcement of a Bitcoin ETF request on June 15th, there has been a substantial increase in the portion of Bitcoin supply held/traded by market participants in the United States. This notable surge indicates a potential shift in the dominance of supply, should the current trend continue.
The success of the Bitcoin ETF request could also have a positive impact on the price of Bitcoin, as it would become the first spot Bitcoin ETF in the country.
In a recent interview with Fox News, Larry Fink, the CEO of BlackRock, expressed some bullish views on Bitcoin, stating that the asset is revolutionizing the digitization of gold in a unique way.
In my view, cryptocurrencies like Bitcoin are playing a significant role in the digitization of gold in various aspects. Rather than perceiving gold purely as a hedge against inflation or the specific challenges encountered by a particular country, or the devaluation of a currency… allow me to underscore this: Bitcoin is an internationally acknowledged asset, free from the constraints of any particular currency, thus presenting itself as a compelling alternative investment opportunity.
Sentiments regarding BlackRock’s spot Bitcoin ETF filing are currently mixed. While some market participants are optimistic that the ETF proposal by the $10 trillion asset manager could attract more institutional investors, others believe that the ETF poses a significant risk to the Bitcoin market.
Interestingly, Cathie Wood, CEO of Ark Invest, has expressed her belief that the SEC is inclined to reject BlackRock’s ETF proposal. During a recent interview with Fortune Crypto, Wood commented:
“We are aware that their prospectus included a surveillance clause that ours did not, but we have been informed that it will not take long for us to update our prospectus, and all exchanges are moving in this direction.”
At the time of this report, Bitcoin is trading at $30,274. Despite experiencing temporary losses, Bitcoin appears to be positioning itself for a potential recovery. The leading cryptocurrency could revisit its recent high of $30,403 in the near future.