In the cryptocurrency market, Bitcoin (BTC) has always been regarded as an important barometer. On the evening of the 15th, Bitcoin's price suddenly plummeted significantly, but shortly after, it quickly underwent a price adjustment. Media reports indicated that major funds engaged in protective actions for Bitcoin's price, exceeding $100 million.
Image source: AICoin
On the evening of the 15th, Bitcoin's price dropped rapidly within an hour, falling by as much as 6.5%, resulting in a market value evaporation of hundreds of billions of dollars in just a few hours. Is there a "butterfly effect" hidden behind this, related to U.S. economic policies?
Who is protecting Bitcoin? Who is most affected by the drop in Bitcoin's price?
Institutions Holding the Most Bitcoin
In the United States, institutions are the organizations holding the most Bitcoin. Regardless of whether Bitcoin's price rises or falls, institutions are the most affected.
Data shows that as of September 22, 2024, Coinbase is the largest entity holding the most BTC, with Timechainindex.com emphasizing that the centralized exchange Coinbase holds 1,051,650.41 BTC, valued at $6.64 billion, stored in 145,491 addresses. The centralized exchange Binance is the second-largest entity holding the most BTC, with 765,072.92 BTC. Bitfinex is the third-largest holder, entering the top three centralized exchanges, holding 359,687.52 BTC distributed across 2,161 wallets. Blackrock is the fourth-largest BTC holder, with 357,550.21 BTC distributed across 760 addresses. Notably, Blackrock's BTC is custodied by Coinbase.
Image source: Internet
On the evening of October 16, news emerged that BlackRock officially updated its holdings data for the spot Bitcoin exchange-traded fund iShares Bitcoin Trust ETF (IBIT). As of October 15, IBIT's holdings exceeded 375,000 BTC, with a market value surpassing $25 billion, reaching $25.064 billion.
Motivation Behind Major Funds Protecting Bitcoin
With the U.S. elections approaching, candidate Trump has stated that if elected, he would embrace the Bitcoin market and relax regulatory oversight of the trading environment, aiming to make the U.S. the world's leading Bitcoin-holding country. This is a significant positive for Bitcoin investors, and Bitcoin, as a well-known risk reserve asset in the U.S., is favored by many investors due to its speculative nature, recently breaking the $68,000 mark.
Institutional investors, as the group holding the most Bitcoin, would see their Bitcoin assets devalue if the price continues to plummet due to market factors. More importantly, the protective actions of institutional investors enhance market confidence in Bitcoin, stabilize investor sentiment, and promote a virtuous cycle in the cryptocurrency market.
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