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 institutional 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.
The number of #Bitcoin whales (entities holding ≥ 1K BTC) has been on an upwards trend for the past months.
An indication that more high-net-worth individuals are entering the space to invest in Bitcoin in expectation of $BTC price appreciation.
Chart: https://t.co/wR2aZoj06y pic.twitter.com/yxtcNqrqrq
— glassnode (@glassnode) October 9, 2020
Bottom line: Nairametrics believes the increased buying pressures by such notable institutional brands is partly responsible for the non-dilutable crypto recent highs.