Bitcoin Held in Funds Drops to Lowest Since October 2021, ByteTree Data Shows

Bitcoin picked up a strong bid near $19,600 late Friday after Silicon Valley Bank, formerly one of the top 20 lenders in the U.S., shut operations. Prices have risen over 25% since then, reaching a nine-month high of $26,501 on Tuesday, CoinDesk data show.

"Institutions aren’t buying the narrative that BTC is serious and here to stay," Charlie Morris, chief investment officer at ByteTree Asset Management, told CoinDesk."Wealth management industry globally is very light in both bitcoin and gold." Morris, however, cautioned against drawing conclusions from the data, saying a large outflow from a single fund is mainly responsible for dragging the tally lower.

Besides, the decline in the balance held in funds does not necessarily mean the price rally lacks strength and is unsustainable. Markus Thielen, head of research and strategy at Matrixport, said the balance held in funds accounts for a small portion of the total market and other sources of demand are lifting prices higher.

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