They were still there, but preferred to remain silent. Now that bitcoin is trading at more than 23,000 dollars, institutional investors no longer hesitate to affirm their attachment to the queen of cryptocurrencies. Is this the sign of the start of a new bullish cycle?
US institutional investors are stocking up on bitcoin
Many have waited, and continue to wait, for the death of bitcoin. But now it’s a waste of time. The volatility of the flagship crypto is certainly a major drawback, but its relative resilience still makes enthusiasts happy.
” A bitcoin at +40% this year? Smart investors are using recent US CPI data as a confirmation signal to buy bitcoin and other cryptoassets. 85% of the movement occurs during US market hours = institutions buy. Allocate $100 million in crypto? »
In a recent report published by Matrixport, the financial services firm, revealed that institutional investors “ don’t give up crypto “. It also indicates that recently US institutional players were responsible for 85% of bitcoin purchases.
Joined by CointelegraphMarkus Thielen, head of research and strategy at Matrixport, argued that this is an indicator of entering a new “ cryptocurrency bull market “.
This report also shows that:
- the buying was driven by bitcoin’s performance during US trading hours;
- ether and Aptos performed well during the same period;
- BT has seen a 40% rise this year, a figure that supports analyst Kaleo’s prediction.
Bitcoin in catch-up mode
It goes without saying that the FTX storm heavily damaged bitcoin as well as other cryptocurrencies. But the way things are going, 2023 looks pretty lenient for these assets. Finder panelists estimate that the queen of cryptocurrencies will trade close to $30,000 by the end of this year.
The well-known trader TechDev, who has correlated the price of BTC with that of gold, also predicted that the $50,000 mark may be reached soon.
In this turnaround for bitcoin and other cryptos, it’s not just institutional investors who are getting active. Indeed, individuals also hope to join the list of BTC millionaires who are starting to grow at the moment.
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