According to a recent report from Ark Invest, the supply of Bitcoin (BTC) that has not moved for more than a year has hit an all-time high this June, marking an impressive milestone of almost 70% of the circulating supply.
The report, titled “The Dawn of the ETF Era?” focused on the potential for a new spot Bitcoin exchange-traded fund (ETF) to bring new momentum to the Bitcoin market, while also pointing to on-chain data as a catalyst for price appreciation going forward.
Increasing Institutional Interest
According to the report, the growing enthusiasm among long-term holders is mirrored by an escalating interest from financial institutions in the world's leading cryptocurrency, Bitcoin.
BlackRock, the Wall Street behemoth known for being the world's largest asset manager, recently joined the league of other large asset managers such as Invesco, Fidelity, and WisdomTree in applying to list a spot Bitcoin ETF.
All of these firms share a common goal - to be the trailblazer in launching a market ETF backed by spot Bitcoin instead of Bitcoin futures. This move is speculated to propel the price of Bitcoin to fresh peaks.
However, the journey hasn't been smooth sailing. The US Securities and Exchange Commission (SEC) has, to date, rebuffed all efforts to list a spot Bitcoin ETF. Despite this, the firms remain hopeful and persistent in their pursuits.