Bitcoin (BTC) Since January 1, almost 40% increase showing, 51% increase it shows from 2013 It is on its way to making its best year opening since.
Bitcoin (BTC) Has Its Best January Since 2013
Bitcoin (BTC) is having its best start to the year since 2013. The price of the largest cryptocurrency by market cap is up 40% this month due to weakness in the US dollar.
Experts say that this rise is mainly supported by buyers in the USA.
“Bitcoin is up 40% year-to-date, and 35% of those returns occurred during US trading hours.
“This represents an 85% contribution to the rally associated with US-based investors,” Markus Thielen, head of research and strategy at crypto services provider Matrixport, said in a note to clients on Friday.
“We interpret this as a clear signal that US institutions are now buyers of Bitcoin,” Thielen added. Bitcoin had increased by 51% in January 2013.
Unlike stocks, Bitcoin, and cryptocurrencies in general, are traded around the clock, allowing followers to track order flows in different time zones and extract the source of buying or selling pressure.
The institutions’ bullish position is also evident from the renewed premium on Bitcoin futures listed on the Chicago Mercantile Exchange.
“Institutions don’t just buy spot Bitcoin; on the contrary, we see high premiums in continuous futures.
We interpret this as an indication that faster institutional investors and hedge funds are actively buying into the recent dip in the crypto markets.”
Deutsche Digital Assets made a similar observation earlier this month, noting the rise in the Coinbase premium as evidence of increased buying interest from sophisticated US-based investors compared to retail investors.
*Not investment advice.
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