Distribution of Bitcoin market supply begins, strong demand for ETFs

Crypto analyst Dylan LeClair has released a detailed report on the current state of the Bitcoin market, CryptoPotato reported. Reports indicate that Bitcoin holders have begun selling and new market participants such as exchange-traded funds (ETFs) have begun to emerge. However, there is no reason to worry as ETFs are facing huge demand and are attracting more currencies every day. LeClair predicted that as new price highs emerge, long-term holders’ allocation to Bitcoin will increase. However, this supply could be absorbed by growing institutional demand, leading to an ongoing bull market. Additionally, BlackRock and Fidelity have purchased 284,000 Bitcoins since launch, a figure that represents more than 1% of the total Bitcoin supply.