NFT News Today TheBittimes.com

Bitget’s report reveals a 250% surge in custodial assets, driven by BTC ETF anticipation. Institutional adoption fuels growth, with rising interest in Bitcoin and Ethereum ETFs. Short-term storage dominates, with 77% of custodial accounts used for short-term purposes. Bitget, a prominent cryptocurrency exchange and Web3 company, has released a report uncovering a remarkable surge in assets under third-party custodial accounts. The report reveals a staggering 250% surge in assets under custody within the past four months. This surge is intricately linked to the anticipation and eventual approval of the BTC ETF, signalling a pivotal moment in the cryptocurrency market. The research draws on data from Bitget’s third-party custodial accounts, initiated through collaborations with digital asset custody providers, including Copper and Cobo. The surge in custodial accounts is not only a testament to the performance of the crypto market but also indi...

All-time high hashrates and mining difficulty indicates that miners are bullish on Bitcoin, while recent sell-offs could be a means to hedge positions. Bitcoin (BTC) mining companies are employing derisking strategies by offloading Bitcoin to exchanges, according to a market report from Bitfinex. The cryptocurrency trading platform’s latest newsletter addresses the Bitcoin mining sector at length, highlighting a recent surge in miners selling large volumes of BTC to exchanges. This has led to a corresponding increase in value of shares in Bitcoin mining companies as institutional interest in BTC picks up in 2023. The report notes that Poolin has accounted for the highest amount of BTC sold to the market in recent weeks. Bitfinex analysts also note that the Bitcoin mining difficult recently hit an all-time high, which it labels as an indicator of “robustness and miner confidence”: “Miners are clearly bullish on Bitcoin as they commit more resources to mining, hence triggering the m...