IntoTheBlock analysis reveals that institutional demand for BTC is has been growing and recently achieved a new 2023 high. This is evident by the surge in the number of transactions worth over $100,000.in the last few weeks. This could partly be the reason for the recent bullish activity and surprisingly, whales have not been left behind.Now that Bitcoin’s long-term prospects seem more bullish, the demand for the cryptocurrency leveled up.
Analysts believe that this new-found institutional demand was likely the result of excitement around Bitcoin ETFs. The return of institutional demand coincides with recent on-chain observations.
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