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A research report from Singapore-based crypto investment and lending firm Matrixport shows that institutional investors in the United States were responsible for 85% of Bitcoin (BTC) purchases. This information from Matrixport explains how much effort institutional investors are putting into the continuity of the crypto industry. At the time of this writing, the BTC market price was almost at $23,000.
According to Markus Thielen, the head of research and strategy at Matrixport, the ‘not giving up’ attitude portrayed by institutional investors may be the arrival of a crypto bull market.
“That’s an 85% contribution of the rally associated with US based investors,” Thielen wrote. “Hence, we interpret this as a clear signal that US institutions are buyers of Bitcoin right now.”
“This could set up the crypto market for a mid-month rally, every month and turn into a trend where we see a strong rally from mid-month onwards with some consolidation towards the end of the month as traders take profit and miners sell calls,” he added.
Bitcoin (BTC) Rally Suggests Bullish Market
Since Bitcoin price started growing at the start of the year, the coin has recovered by up to 40% reaching $23,000 and beyond. Noteworthy, it was discovered that more of this rally, about 35%, occurred during U.S. trading hours.
Based on the Matrixport report, if an asset’s performance is outstanding during the U.S. trading hour, such an asset is said to be purchased by American institution traders. On the other hand, if the asset excels during Asian trading hours, it is being purchased by Asian retail investors.
Bitcoin is not the only crypto asset that is being rallied on at the moment, Matrixport confirmed that it is “seeing consistently high premiums for perpetual futures.”
Besides crypto, Ethereum (ETH) is also topping the charts during U.S. trading hours. Also, “Aptos is seeing a mix of strong returns during U.S. trading hours AND during Asia trading hours.” However, this price rally started only in the second week of the year when U.S. inflation data was released.
In preparation for the suspected bullish BTC market, Vietnam miners have invested in more rigs, most of which are old and cheap.
The post U.S. Institutional Investors Camp Around BTC Rally appeared first on Blockchain, Crypto and Stock News.
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