This is a segment from the Empire newsletter. To read full editions, subscribe.
Contents
Mid-Year Crypto Recap: Bitcoin Dominance Continues in H1 2023
In its H1 2023 Bitcoin Treasury Companies (BTC) report, K33 Intelligence reveals significant growth in institutional adoption and market dynamics.
Key Findings
- Bitcoin Accumulation: Treasury companies acquired a record 244,991 bitcoins by mid-year, marking the transition from H1 to H2.
- Institutional Growth: The number of companies holding bitcoin on their balance sheets doubled from 70 at the start of the year to 134.
- Geographic Spread: Companies from 27 countries participated, with the US leading with 41 public entities.
- Stablecoin Surge: USDT and USDC supply increased by $38 billion during H1.
- Altcoin Struggles: Only nine of the top 50 cryptocurrencies by market cap returned positive gains in H1.
Source: K33 Intelligence
Expert Perspectives
“Significant institutional movement continued into Bitcoin,” noted Securitize CEO Carlos Domingo and Bitwise Asset Management CEO Hunter Horsley.
Looking Ahead
K33 anticipates continued Bitcoin strength in H2 due to:
- Historical seasonality
- Potential approval of spot Bitcoin ETFs
- Development of the US Strategic Bitcoin Reserve
- Ongoing regulatory developments
Despite Bitcoin’s dominance, analysts emphasize that regulatory clarity and institutional product approvals could significantly impact the broader cryptocurrency market.
