BTC/USD Price Analysis: Institutions Buying Bitcoin ahead of Bakkt Bitcoin Futures Launch as Price B
It is increasingly becoming clear that institutions are beginning to embrace crypto as an investment asset. After Morgan Stanley research findings concluded that BTC is no longer a store of value but an institutional asset class, it is only necessary for regulators to formulate laws that satiate the demand of investors. Replicating the XRP Market Report-which showed that institutional demand for XRP is on the rise, the same trait is now printing in Bitcoin.
According to Grayscale Investment, out of the $81.1 million of capital inflow into available crypto assets, 73 percent of came from institutions. What’s intriguing is that funds from retirement accounts are flowing in faster than year to date expansions. This is extremely important and are pointers of what is ahead now that the SEC could make known their decision about Bitcoin ETF anytime from tomorrow. Needless to say, most are optimistic following earlier reports that the CBoE, members of VanEck and some commissioners from the SEC had a rather successful meeting where it was observed that kinks had been leveled out increasing odds of Bitcoin ETF green lights. While institutions saw safety and stability in Bitcoin sinking millions of dollars, Weiss Ratings revised preview of 111 cryptocurrencies labelled Bitcoin as “hold”. Their ratings criteria picked points from adoption, investment, risk and reward models of the coin. Like it was the case earlier this year, Bitcoin retained a C+ or Fair rating. Nevertheless, BTC is still the most valuable coin in the space enjoying the trail blazer status qualifying it as a market leader and a store of value.