Declining exchange balances, but growth in other tradeable bitcoin instruments

In 2021, bitcoin has experienced some large changes to the location of its circulating supply, with “Ethereum-bitcoin”, corporate treasuries, and exchange-traded investment vehicles being the major beneficiaries.
Source: Bytetree, Coinmetrics, MicroStrategy, Square, Aker, Meitu, Tesla, Defipulse, Glassnode

In 2021, the bitcoin exchange balance relative share to the circulating supply has declined by 1.19pp.

Meanwhile, the exchange-traded investment vehicles share of the circulating supply increased by 0.69pp this year. This indicates a rising demand for trading bitcoin through familiar trading infrastructure and also points towards increasing institutional adoption of bitcoin throughout the year.

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