Bitcoin price up 50% in the past month, with experts predicting the trend will continue
Bitcoin's 30-day gains currently lay in excess of 50%.
- Despite the recent market turbulence, analytical data indicates that whales continue to accumulate Bitcoin at an unrelenting pace.
- According to new SEC filings, 4 major US wealth managers increased their exposure to BTC by acquiring sizable sums of GBTC shares recently.
- The past few weeks have seen the total market capitalization of the cryptocurrency sector rise from AUD$1.8 trillion to AUD$2.72 trillion.
After briefly flirting with the AUD$65,000 price range earlier today, Bitcoin, the world's largest cryptocurrency by total market capitalization, continues to find solid support near the AUD$62,500 resistance level. At press time, BTC is trading at AUD$64,600.
Providing his take on the future of the flagship digital asset, Pavel Shkitin, CEO of cryptocurrency exchange Nominex, told Finder that the recent stimulus packages issued by governments globally have not gone unnoticed by most astute market movers, adding:
"An increasing number of people are now beginning to regard Bitcoin as a means of saving their assets in case traditional markets drop. An additional factor is the major adoption of crypto by institutional investors. Bitcoin whales are acting like they used to and are continuing to accumulate assets. There is enough data to prove this."
On a more technical note, Shkitin highlighted that over the course of the past month alone, major investment funds have pumped about AUD$2 billion into various cryptocurrency projects. "The total value locked up across various Defi platforms recently reached AUD$109 billion and has grown by about 16 times over the year," he closed out by saying.
SEC filings reveal wealth managers are seeking exposure to BTC
As per a number of new filings made with the United States Securities and Exchange Commission (SEC) of late, it appears as though 4 wealth management companies recently made a move to acquire sizable shares of Grayscale's Bitcoin Investment Trust, effectively showcasing the growing demand for BTC (as well as cryptocurrency assets in general) amongst institutional players.
To elaborate on the matter, Illinois based Clear Perspective Advisors, now owns a total of 7,790 GBTC shares while Ohio-situated Ancora Advisors is in possession of 13,945 shares. Two additional firms, namely Boston Private Wealth and Parkwood, reportedly own 88,189 and 125,000 GBTC shares respectively.
More adoption incoming?
As the cryptocurrency market continues to heat up, it appears as though Institutional players will most likely continue to increase their exposure to cryptocurrencies in the coming months. To put things into perspective, over the course of the last couple of weeks alone, the total capitalization of the digital asset industry has risen by a whopping US$700 million, reclaiming the all important US$2 trillion psychological threshold in the process.
Disclosure: The author owns a range of cryptocurrencies at the time of writing