Glassnode data shows Bitcoin (BTC) exchange reserves on Coinbase have dropped by about $8 billion. This indicates that institutional investors are locking away their purchases in cold storage for the long term instead of booking profits.
HODLing by institutions is a huge positive as it will continue to reduce Bitcoin’s available supply, which may boost prices even if demand begins to diminish.
The news flow suggests no slowdown in institutional adoption. New Zealand Wealth Funds Management revealed that its product KiwiSaver Growth Strategy allocated 5% of its assets to Bitcoin in October 2020.
According to the firm’s chief investment officer James Grigor, the first Bitcoin purchase took place when Bitcoin was at $10,000. This means that when Bitcoin hit an all-time high at $61,825.44, the firm was sitting on a 518% profit. Grigor also added that Bitcoin could feature in more KiwiSaver schemes within the next five years.
Daily cryptocurrency market performance. Source: Coin360
In a recent podcast with Raoul Pal, New York Digital Investment Group CEOTitle: Price analysis 3/26: BTC, ETH, BNB, ADA, DOT, XRP, UNI, THETA, LTC, LINK
Sourced From: cointelegraph.com/news/price-analysis-3-26-btc-eth-bnb-ada-dot-xrp-uni-theta-ltc-link
Published Date: Fri, 26 Mar 2021 19:45:00 +0000