Institutions keep the Bitcoin bull market on track

35



As the institutional investment narrative continues to play out, on-chain metrics show the continued accumulation of BTC in large addresses is still ongoing, with an increase of 9% during the previous 30 days alone. This was slightly offset by the decrease in addresses holding 10-100BTC, indicating that smaller “whales” were finding the chance to take profit too good to pass up.

The year started with a surging increase in volatility and trading volume, with BTC setting a new all-time high at $41,941 before plunging back below $32,000. In doing so, annualized volatility hit a high of 97%, a figure not seen since April of 2020.