CandleFocus Institutional demand and rising ETP flows signal Bitcoin breakout – VanEck
2024-10-19
Author: Content Editor
VanEck's latest Bitcoin ChainCheck report suggests that Bitcoin is poised for a potential breakout due to increasing institutional investment, growing miner holdings, and rising flows into exchange-traded products (ETPs). The report shows a strong correlation between ETP flows and BTC price, indicating that institutional money is leading Bitcoin's price movements. The report also highlights Bitcoin's role as a macro-hedge against economic instability and market volatility, appealing to institutional investors seeking portfolio protection. US-listed miners and major corporations continue to accumulate Bitcoin, further demonstrating institutional confidence in its long-term prospects. Bitcoin's dominance in the crypto market has increased, and its resilience in regulatory environments sets it apart from non-Bitcoin digital assets. US and European traders have been driving Bitcoin's price performance, while Asia continues to sell to Western buyers.
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