Quick Take
- As Bitcoin climbed to over $30,000 this week, was this the impetus for hedge funds and institutions to return?
- A lot of sideline capital was weighting for Bitcoin at lower prices than this cycle’s low.
- Bitcoin, now being double the cycle low, with no intervention of central banks or the need for swap lines, showed how robust the network truly is.
- According to Deutsche Digital Assets, as Bitcoin surpassed the $30k mark, they saw a positive relationship with hedge funds entering Bitcoin and the price surpassing $30,000.
- Glassnode data also shows that the Purpose Bitcoin ETF has seen positive flows since the SVB collapse in mid-march. At the same time, flows rose when the price crossed $30,000.
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