Institutional investors are largely responsible for the massive bullish trend presently playing out in the crypto market.
The head of institutional coverage at Coinbase, Brett Tejpaul, in his latest interview with Heidrick & Struggles via Youtube
Channel disclosed that buying interest from institutional investors has
grown more than since he began his career at the worlds most valuable
crypto exchange, Coinbase.
“We’ve had an explosion of activity… I joined in April of this
year. At that time, our nstitutional assets under custody were $6
billion. Today, we stand at over $20 billion. So more than a three-time
increase…”
We’re now measuring the fresh capital coming into crypto
principally being allocated to Bitcoin in the billions and so week after
week after week we’ve had an explosion of incoming capital,” Tejpaul said.
He also explained the role of major hedge funds, banks, and now Paypal is having,
“For people sitting on the sideline that are now looking at the
major banks, the major accounting firms, major hedge funds, major
endowments, and now PayPal is getting into space. It’s really unleashed
the second wave of institutional adoption,” he said.
Sequel to this landmark, recall Nairametrics some
days ago, revealed as Bitcoin hit slightly below $18,000, a significant
number of millionaires have disclosed they will invest in cryptos
before the end of 2022.
DeVere Group, one of the world’s most notable independent financial
advisory firms, discovered that 73% of poll participants are now already
invested or are preparing to invest in digital assets, such as
Ethereum, Bitcoin, and XRP, before the end of 2022.
Also not forgetting that the world’s attention seems to have shifted
to the crypto-verse now, as recent reports have shown how Bitcoin whales
grew at a record pace.
Data retrieved from Glassnode, a popular crypto analytic company,
reported that the number of Bitcoin whales (entities holding ≥ 1K BTC)
has been on an upward trend for the past months.
Bottom line: Nairametrics believes the increased
buying pressures by such notable institutional brands is partly
responsible for the non-dilutable crypto recent highs.
Institutional investors are largely responsible for the massive bullish trend presently playing out in the crypto market.
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