CryptoQuant CEO: The demand for Bitcoin custody wallets among institutions is rising

2024-10-29 13:35:25

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ChainCatcher news, CryptoQuant CEO Ki Young Ju posted on the X platform that the demand for institutional Bitcoin custody wallets is rising. In the past year, the net inflow into U.S. spot ETFs has reached 278,000 Bitcoins (approximately 80% from retail investors), while large wallets (holding more than 1,000 Bitcoins, excluding exchanges and mining pools) have seen a net inflow of 670,000 Bitcoins, indicating that institutions are allocating Bitcoin through custody services at a scale approximately 2.4 times that of the ETF channel.

Ki Young Ju further stated that these whale wallets are a superset of custody wallets. Since most ETF wallets hold less than 1,000 Bitcoins, this data can better reflect the actual situation of custody wallets. He also pointed out that more detailed data is needed for deeper market insights.

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