Hi, hive people. Welcome to another crypto blog for the week. According to him, we are also seeing that corporations are adopting Bitcoin in the world, and institutions' first choice is Bitcoin; they have already invested billions in Bitcoin. So it is signaling the end of the altcoin hype. We are going to discuss it in this post, and our main focus is the statement of the Bitwise CEO.
Bitwise CEO declares the end of the era of speculation in crypto
There is a shift signal in crypto, and this is the thinking of Bitwise Asset Management executives. If you remember, they have released a corporate bitcoin adoption report, and in that report, we can see the fast rise of institutional interest in bitcoin. Let's check the social media x statement of CEO Hunter Horsley.
He said, There will be a surprise for people because by the end of this year, they can see crypto services and products from well-known tradfi institutions. This work is already going on, but it is hidden, and soon it will come out, so the mainstream era has just begun.
According to that report, we can know that public companies held 688k bitcoin in the first quarter of the year, and this is literally a 16.11% increase, and bitcoin has a fixed supply that is 21 million. So if we talk about this holdings' total value, then it is 57 billion dollars at the bitcoin price of 82445 per BTC.
Largest ever accumulation in one quarter for any asset
Now, if we see the total number of participants (companies), then we can see 12 new firms have been added, and now the total is 79. Q1 purchase is 95k+ bitcoins, and this is the largest ever accumulation in one quarter in history. Here we have to see that the MicroStrategy company is the top bitcoin holder, and talking about the other top 5 players, then CleanSpark, Riot Platforms, and Tesla come in this list.
We can see the correlation with this surge, and it happens just because U.S. financial boards allowed bitcoin to be reported at fair value, and this is more transparent accounting, and because of this transparency, it reduces the risk for the companies. Here we have to see the big companies playing a big part, such as Semler SCNTifit has now BTC in the treasury, Metaplanet released a plan to buy 10k BTC by the end of the year, and the GameStop company is raising 1.5 billion USD to buy bitcoin. Now this market is ready for the long-term run.
The end of altseason?
Matt Hougan is the chief investment officer of Bitwise Company, and he said on the X platform this week:
We are no longer entitled to ‘alt season.’ This concept emerged in an era when the primary value of crypto was based on speculation. We have entered the fundamental era of crypto, which means that there will be more diversity in the long-term returns of individual assets.
What is your opinion? Altseason will come or not, let me know in the comment section, and also share this post.
○_________________○___________________○
| 👇 | ||
|---|---|---|
 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and having new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring. Thank you, hive family ♥ |