Tectono Business Review: INSTITUTIONAL INVESTORS’ INTEREST IN BITCOIN SET TO BEGINS PRICE TURNAROUND

Friday 21 July 2023

INSTITUTIONAL INVESTORS’ INTEREST IN BITCOIN SET TO BEGINS PRICE TURNAROUND

Although, Bitcoin’s price has been moving around the $30,000 mark, the recent interest shown by institutions in the cryptocurrency may exert a positive influence on its price trajectory.

According to recent data, institutional investors’ optimism was evident from the rising premium of Bitcoin trusts.

Since January, the premium of the Bitcoin trust has been growing, indicating snowballing investor eagerness to purchase the fund, which in turn reflects a positive outlook on the digital currency.

Data from Glassnode shows a palpable 55% of Bitcoin’s total supply has remained unmoved for at least two years.

Furthermore, after observing the realized PnL of Bitcoin holders, it was seen that the coin was no longer under a period of capitulation, suggesting a shift from extreme fear and panic selling to a more stable and balanced state in market sentiment and behavior towards the coin.

The absence of capitulation suggests a potential improvement in investor confidence and a possible turnaround in Bitcoin’s price trend.

At the time of filing this report, Bitcoin is trading at $29,784.

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Friday 21 July 2023

INSTITUTIONAL INVESTORS’ INTEREST IN BITCOIN SET TO BEGINS PRICE TURNAROUND

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