Wondering why Bitcoin (BTC) hasn’t corrected much from its all-time high above $28,000? Well, the institutional inflows into Bitcoin (BTC) shows no signs of slowing down despite the massive rally recently. Citing data from Bybt.com, crypto analyst Joseph Young shows that institutional inflows in the Grayscale Bitcoin Trust (GBTC) have been at their peak in the last few days.
Well, the sharply rising graph clearly indicated that institutions have turned more aggressive at every level of BTC price rise. The institutional inflows throughout Q4 2020 have been massive and won’t be stopping anytime soon. In the latest update, the Grayscale Bitcoin Trust (GBTC) shows that the total assets under management have moved past $16.3 billion. This is a massive $2 billion jump from its previous update on Christmas Day.
GBTC is one of the biggest crypto funds by Grayscale and accounts for 84% of its total assets under management of $19 billion. Over the last month, the shares of Grayscale Bitcoin Trust (OTCMKTS: GBTC) have also appreciated by 30%. Presenting some more interesting data points, Cryotuquant CEO Ki-Young Ju notes that 16% of BTC’s realized market cap is now owned by institutional investors.
Yesterday, Ki-Young Ju also mentioned that fewer whales are depositing at exchanges than before. Earlier this month, CoinGape reported at two instances where whales had been making massive deposits to the exchanges. The BTC whales usually deposit exchange for profit booking and liquidate their holdings at a higher BTC price. However, it has been found that during the recent deposits, institutions have sucked-up all the liquidity preventing BTC from correcting and rather pushing its price northwards.
JPMorgan: Bitcoin (BTC) to Be Worth $650,000
Well, the Bitcoin (BTC) price predictions by some of the top financial analysts seem to have no limits. In a JPMorgan report accessed by Express UK, the banking giant predicts that BTC price will be worth $650,000 one day. The banking giant said:
“Alternative ‘currencies’ such as gold and bitcoin have been the main beneficiaries of the pandemic in relative terms growing their assets for investment purposes by 27 percent and 227 percent, respectively.”
This is even more than what the famous Winklevoss twins predicted recently. As per the Winklevoss brothers, the BTC price can reach $500,000 very soon and topple Gold’s market cap of $9 trillion. Recently, crypto analyst Max Keiser tweeted that “Bitcoin will increase ten times from here by end of 2022 or early 2023″. On Monday, December 28, he also noted that BTC’s will soon hit $35,000 as per its rising hash-rate metrics.