Что значит переток биткоинов от ретейла к институционалам

cryptonews.ruPubblicato 2025-08-12Pubblicato ultima volta 2025-08-12

На рынке усилились распродажи биткоина со стороны ретейла. Институционалы же — напротив активно наращивают свои позиции в BTC.

На такой перевес позиций обратили внимание аналитики Arkham. Рассказываем, что такое поведение участников рынка значит для биткоина.

В Arkham обратили внимание на то, что Fidelity Investments, ARK Invest и Grayscale Investments активно продают биткоины. Они отнесли компании к сегменту ретейла, так как их клиенты — частные инвесторы. Компании же выполняют роль кастодиана цифровых активов и помогают покупать или продавать монеты.

Институциональные же инвесторы, по наблюдениям Arkham — напротив активно скупают биткоины. Такое распределение сил буквально означает, что монеты переходят из рук ретейла к институционалам.

Распродажа биткоинов Grayscale. Источник: Arkham

В криптосообществе такую миграцию активов часто называют переходом из «слабых рук» в «сильные руки». Последний термин применяют для обозначения инвесторов, которые ориентированы на удержание криптовалюты в долгосрочной перспективе. Поэтому такая миграция биткоинов может снизить вероятность дальнейших распродаж, так как существенная часть активов осядет в кошельках институционалов.

По состоянию на момент написания обзора, под контролем публичных компаний уже 4,44% от эмиссии биткоина. Еще 2% — у непубличных компаний. Если сложить все биткоины, которые под контролем эмитентов ETF, властей стран, публичных, непубличных и майнинговых компаний, получится 16,5% от эмиссии, и число продолжает расти.

Только за 5 августа появилось два новых крупных покупателя биткоинов среди институционалов: BitBridge и Robin Energy.

Биткоин-запасы ETF, стран, публичных, непубличных и майнинговых компаний, а также DeFi-проектов. Источник: bitbo

Ранее редакция BeInCrypto писала о том, что чистые покупки BTC институционалов дошли до 97%. Это значит, что только 3% участников группы продают монеты, чтобы зафиксировать прибыль или с другой целью. При этом доля институционалов на рынке BTC-инвесторов впервые дошла до 11%.

Тренд говорит о росте институционального влияния на рынок. Такие изменения могут снизить волатильность BTC и ослабить влияние волн фиксации прибыли на курс монеты.

Аналитики Митчелл Аскью и Эрик Балчунас считают, что сильнее всего на биткоин повлияют не компании, которые скупают криптовалюту под резервы, а ETF. По их мнению, запуск торгуемых на бирже фондов на базе BTC в 2024 году навсегда изменил криптоиндустрию. Они уверены в том, что интерес институционалов к биткоин-ETF может отменить криптозимы. Свое предположение аналитики объясняют тем, что крупные инвесторы, в том числе, покупатели торгуемых на бирже криптофондов, ориентированы на долгосрочное удержание криптовалюты.

У теории есть противники. Некоторые участники криптосообщества уверены в том, что концентрация большого объема BTC в руках определенной группы инвесторов — напротив может спровоцировать самую масштабную криптозиму. Сторонники теории объясняют свой негативный прогноз предположением о том, что рано или поздно институционалы начнут фиксировать прибыль, чем и обвалят курс биткоина.

Напомним, ранее редакция BeInCrypto выяснила, чего инвесторам ждать от биткоина в августе.

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