Norway’s sovereign wealth fund, known as NBIM, has made a surprising move by increasing its indirect exposure to Bitcoin, indicating a rising institutional interest in digital assets.
Strategic Shift in Investments
NBIM has strategically reallocated its investments, reducing stakes in tech giants like Meta and investing in promising Web3 stocks. Major beneficiaries of this shift include MicroStrategy, Coinbase, Block, and Marathon Digital. The increase in Bitcoin exposure by Norway’s sovereign wealth fund is not an isolated event. A report from Coingecko reveals that governments worldwide now collectively hold about 2.2% of the total Bitcoin supply, which is approximately 471,000 BTC. The United States leads this trend, with holdings exceeding 212,000 BTC.
Bitcoin User Adoption on the Rise
Data from Santiment shows a positive trend in user adoption of Bitcoin. The number of non-zero Bitcoin addresses has risen from roughly 53 million to 54 million in recent days. This increase suggests a broadening base of Bitcoin holders, despite some market fluctuations. The number of daily active Bitcoin addresses consistently exceeds the crucial 500,000 threshold, indicating a strong overall picture. Despite these positive developments in institutional adoption and user engagement, Bitcoin’s price is currently below the significant $60,000 mark. At the time of this report, BTC is trading at approximately $58,000, reflecting a marginal decline of 0.5%.
These pricing trends, against the backdrop of increasing adoption and institutional interest, present an intriguing narrative in current Bitcoin news.
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