According to the report published by the data platform ByteTree, it was stated that BTC, which has been held in the funds since October 2021, has reached the lowest value.
The data shared by ByteTree Asset Management caught the attention of crypto investors. Funds held in Europe, the US, and Canada reportedly dropped to 16,560 BTC ($409 million) this month. BTC Held Funds, which has hit a 17-month low, has confused the crypto community. The shutdown of Silicon Valley Bank, one of the largest lending banks in the US, seems to have turned a lot of crypto data upside down.
ByteTree Asset Management’s Official Speaks on the Subject
Charlie Morris, chief investment officer of ByteTree Asset Management, said, “Institutions have doubts that BTC is serious and permanent. When wealth management is handled globally, the bitcoin and gold industry is taken for granted.” said.
Voicing his statements, Morris also made warnings. “A large outflow from a single fund causes the statistics to drag down, no conclusions should be drawn from this data. A drop in balance in funds does not mean that the BTC price rally is not strong or unsustainable.” said. In addition, Matrixport head of research and strategy, Markus Thielen, reported that the balance on hold is a fraction of the total market.
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