Institutions bought 140K BTC over two months, rivaling annual mining output

Institutional and retail buying activity for BTC has recently intensified, CoinDesk reported, citing data from Bitwise. In July and August, 28 new strategic investment firms acquired 140,000 BTC, an amount nearly equivalent to the average annual mining supply of 164,000 BTC. Andre Dragosch, Head of Research for Europe at Bitwise, explained that forecasts of a BTC cycle peak and subsequent decline this year have overlooked institutional demand. He noted that institutions have purchased 690,000 BTC this year, or 6.3 times the annual supply, while retail investors have also continued to buy. Dragosch added that the BTC Average Accumulation Score indicator shows buying activity across all BTC wallets is at its strongest level since April.