Beyond the hope for a Bitcoin Etf to help raise prices it appears there's something else that could catalyize a move higher. Coinbase has been focusing on big institutional money recently, launching a custodial service this month and, earlier this year, establishing Coinbase Prime (a suite of tools specifically designed for institutions), along with an institutional coverage group headquartered in New York City to provide a higher level of service to these type of clients. And evidently this strategy is beginning to pay off. A $20 billion hedge fund has already signed up for the prime business according to “people familiar with the matter" cited by Business Insider. And additional massive hedge funds are being worked on by the Coinbase Prime team to possibly join the trading venue too.
Essentially this means that institutional money is finally beginning to trickle in and this 20 billion dollar hedge fund is an example of that.