Are you ready for a Bitcoin bull market? The data from Matrixport suggests that institutional investors are taking an interest in Bitcoin and cryptocurrency, which could be a sign that the market is about to take off.
Matrixport’s report suggests that an asset’s performance during US or Asian trading hours can help distinguish whether it is favored by institutional or retail investors more. For example, Bitcoin has seen a 40% price gain since January 1, 2023, and 35% returns during US trading hours as indicators of 85% of BTC purchases coming from US institutions. This data supports previous analysis suggesting that Bitcoin is being bought by both investors.
Markus Thielen, head of research and strategy at Matrixport, notes that based on historical data, Layer 1 and altcoins would start outperforming Bitcoin soon. The crypto rally began when the US Bureau of Labor Statistics released December Consumer Price Index (CPI) with a lower-than-expected inflation rate which could be seen as a bullish signal in the markets.
However, it’s important to note that this isn’t indicative of an imminent bitcoin bull market collapse. Instead, it’s an indication of increased investor interest in cryptocurrencies overall.
So what does all this mean for you? If you’re invested in cryptocurrencies like Bitcoin, then keep your eyes on Matrixport for future updates – they may indicate when the bull market really begins to boom!
Bottom Line
The data from Matrixport indicates that institutional investors are interested in Bitcoin and cryptocurrencies. This could suggest that the bull market is about to take off, so it’s time to make your investment decisions accordingly. Do not wait until it is too late – get ahead of the game by doing your own research, and prepare for a possible crypto rally now!
