Hello dear readers, this time I will be sharing contextualized information on how US institutions account for 85% of Bitcoin purchases, which is a very positive sign for the health of the cryptocurrency market.
The above is supported by statements from the financial services firm's head of research and strategy (Matrixport), who told Cointelegraph that the evidence shows institutions are not "giving up on cryptocurrencies, which is an indicator that we could be entering a new bullish cryptomarket.
The data was shared in a Jan. 27 report from Matrixport, which suggests that you can distinguish whether a digital asset is more favored by retail or institutional investors at any given time based on whether that asset is performing well in the U.S. or in Asian trading hours.
The report stated that if an asset that trades 24 hours performs well during U.S. trading hours, it indicates that it is being bought by U.S. institutions.
Whereas an asset that experiences growth during Asian trading hours indicates that it is being bought by Asian retail investors. This should be a very positive sign for Bitcoin as institutional adoption continues.
SOURCES CONSULTED
Cointelegraph US institutions account for 85% of Bitcoin buying in ‘very positive sign’ — Matrixport. Link
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