Bitcoin's Bullish Run Fueled by Institutional Interest
The increase in Bitcoin’s fiat exchange rates over the past several weeks may have been driven by a surge in institutional interest, according to a number of analysts, and may continue well into the future if current events are any indicator.
Data from several popular analytics platforms seems to show that investors in the United States have been piling into Bitcoin, as trading volume has been concentrated during U.S. market hours. That activity has been attributed to recent filings of Bitcoin trust applications by a number of investment firms.
In addition to trust filings, institutional investors have been increasing their exposure to Bitcoin via other avenues. For example, open interest in futures markets is nearing an all-time high. On top of that, digital asset funds focused on Bitcoin had around $190 million of inflows a couple weeks ago, the largest in quite some time.
All in all, it appears that institutional investors are accumulating Bitcoin at a steady pace, which many people interpret as a bullish sign for Bitcoin’s long-term outlook. If more institutions enter the Bitcoin community, we may see continued strength in Bitcoin to fiat exchange rates in the years to come.
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