He said that the continuation of this trend was the most likely outcome:“The trend of institutional buying was likely to continue on May 8-9, unless there were sharp macroeconomic or geopolitical shocks.”Related: Bitcoin options could pave the path for new BTC price highs — Here is howGrayscale Bitcoin Trust plays by different rulesObchakevich explained that “the absence of significant outflows in key ETFs other than Grayscale Bitcoin Trust (GBTC) supports the hypothesis that the whales and funds remain bullish.” GBTC outflows, he said, are justified by different factors.
Farside Investors’ data shows that spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded cumulative net inflows of $142.3 million on May 7, in a sign of “sustained institutional interest,” according to the founder of Obchakevich Research, Alex Obchakevich.“These inflows indicate the activity of institutional investors, including hedge funds and asset managers, who continue to accumulate BTC through regulated instruments,“ he said.
Obchakevich also pointed to the strengthening correlation between Bitcoin and tech stocks.“BTC correlation with the Nasdaq was 0.75, indicating the influence of sentiment in the tech market,” he said, adding:“The positive movement of the Nasdaq on May 8–9 supported BTC, which led to growth above $100,000.“Obchakevich said the positive trend goes as far back as May 2, when IBIT inflows were as high as $675 million.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Adrian Zmudzinski
The story "Institutional investors continue to scoop up Bitcoin above $100K" has 408 words across 11 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Institutional investors continue to scoop up Bitcoin above $100K" was covered 16 hours ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 26 news stories per day.
It's most recent story was published 8 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
