Public companies hold over 580% more Bitcoin than four years ago, what’s next for BTC

• Bitcoin institutional adoption increases 587% since 2020. 
• MicroStrategy, Tether, BitMEX and Xapo are among the largest holders of Bitcoin with a total of 559,000 BTC. 
• Bitcoin faces key resistance in the zone between $58,300 and $61,500 where nearly 3 million wallet addresses bought BTC. 
• BTC trades at $57,096 on Thursday, 78% holders are profitable at the current price level. 

Bitcoin (BTC) adoption by businesses increased at a faster pace in the last four years. Data from Bitcointreasuries.net shows a spike in BTC accumulation by businesses, and over 580% increase between 2020 and 2024. 

BTC trades at $57,096 on Thursday, September 5. The largest cryptocurrency erased 1.27% of its value on the day. 

Bitcoin institutional adoption exceeds 580% in four years

A report by River, a Bitcoin-only financial services company, shows that public companies now hold 683,000 BTC. BTC held by institutional investors climbed 587% since 2020. 

The top five companies by Bitcoin holdings are MicroStrategy, Block.One, Tether, BitMEX and Xapo. The total holdings of the firms is 559,000 Bitcoin; this accounts for 82% of all business holdings.

Aggregate Business Bitcoin Holdings 

Data from CryptoQuant shows that the recent correction in Bitcoin price failed to shake out whales and institutional holders. Wallet addresses holding over 1,000 BTC increased at a fast pace in 2024, hitting the highest level since BTC inception. 

Bitcoin balance of new wallets over 1,000 BTC

Bitcoin faces key resistance in path to $61,500

On-chain data from IntoTheBlock shows that 2.99 million wallet addresses bought 1.49 million Bitcoins between $58,305 and $61,578. These wallet addresses acquired BTC at an average price of $59,820. 

72% of the wallet addresses holding Bitcoin are profitable at the current price level. 

Bitcoin address profitability at different price levels 

Bitcoin could extend gains by 7.48% and rally towards its $61,500 target. The asset faces resistance in the imbalance zone between $60,234 and $62,800. The Relative Strength Index (RSI) reads 41.74, under  the neutral level of 50. 

BTC could eye the $62,800 target once it flips $61,500 resistance into support. This marks the upper boundary of the imbalance zone.

BTC/USDT daily chart

On the flip side, the asset could find support at $55,606, the September 4 low, in the event of a correction in the asset.