Are institutions FOMOing back into Bitcoin?

quick take

  • Could Bitcoin’s rally above $30,000 this week drive hedge funds and institutions back?
  • A lot of sideline capital valued Bitcoin at a price below this cycle low.
  • Bitcoin is now twice as low in cycles, without the need for central bank intervention or swap lines, showing that the network is truly robust.
  • According to Deutsche Digital Assets, when Bitcoin climbed above $30,000, hedge funds entered Bitcoin and saw a positive correlation with the price above $30,000.
  • Glassnode’s data also show that the Purpose Bitcoin ETF has been on a positive run since the SVB collapsed in mid-March. At the same time, the flow increased when the price crossed $30,000.
Purpose BTC ETF: (Source: Glassnode)
Global Hedge Fund Beta: (Source: Deutsche Digital Assets)
Global Hedge Fund Beta: (Source: Deutsche Digital Assets)

Are Posting Agencies Back in Bitcoin on FOMO? First Appeared on CryptoSlate.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button