Bitcoin, Ethereum, Ripple Have ‘Big Money’ Moment As Expert Sees ‘Incremental Institutional Buyers’ Driving Current Rally
While cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Ripple (CRYPTO: XRP) have been rallying and scaling fresh highs as compared to stablecoins, this expert believes that “big money” or institutional investors have been driving the price of these virtual currencies.
What Happened: While retail investors’ participation has increased over time in cryptocurrencies, the latest data from CoinTelegraph, citing Onchain metrics, has shown retail investor demand is drying up.
According to the report, the retail demand may have shifted to spot BTC ETFs, pension funds, and brokerage accounts.
On the other hand, the recent rally in virtual currencies has a “fundamental source,” as per DataTrek Research‘s cofounders, Nick Colas and Jessica Rabe.
With the low mobile wallet user count and stablecoin volumes, DataTrek attributes the source of the current up move in cryptocurrencies to institutional buying.
“To us, that reads as …
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