Institutional investors are still bullish on Bitcoin

After being rejected north of the $40,000 resistance level, Bitcoin has lost money in the past day. At the time of writing, the first cryptocurrency trading price by market capitalization was $37,598, which was down 5.6% on the 24-hour chart.

BTC lost slightly on the daily chart. source: BTCUSD transaction view

In the weekly chart, due to the short squeeze that made traders’ short positions messed up, Bitcoin recorded a 21.1% profit. In the field of derivatives on all platforms, analyst Willy Woo record US$1 billion was liquidated on July 26day.

Most of the liquidation occurred on the Bybit exchange, with USD 413 million in liquidation, followed by Huobi with USD 213 million in liquidation, OKex with USD 207 in liquidation, and Binance with USD 111 million in liquidation.

Source: Willy Woo

After the short squeeze that Arcane Research classified as a “historical book,” the overall sentiment in the market turned bullish. When the price of Bitcoin jumped from USD 34,000 to USD 39,500, it was higher than the price of BTC in December 2017 when it reached USD 20,000.

Many experts and traders turned bullish. The Fear and Greed Index has risen from extreme fear and is now located near the fear zone. Although the recent price action is bullish, others want to know if there are enough factors to support it.

Source: Arcane Research

Other data provided by Arcane Research shows that institutional interest as one of the main catalysts for Bitcoin remains high.According to two surveys, one was Goldman Sachs The other is Fidelity, where there is “overall positive sentiment towards cryptocurrencies” among these institutions.

Bitcoin is still the king in the eyes of institutions

More than 150 family offices from around the world participated in the Goldman Sachs survey. 16% of respondents said they have invested in Bitcoin and cryptocurrencyArcane Research stated that 24% of these entities are located in the United States, stating that they hold part of their assets in cryptocurrency.

Similarly, 45% of family offices worldwide say they do not invest in cryptocurrencies, but they express interest in the future. Family offices in Asia showed the greatest interest, with 68% claiming that they plan to invest in Bitcoin and the “digital asset ecosystem” as shown below.

Due to concerns about inflation and low interest rates, most of the entities in the survey want to invest in cryptocurrencies. These are the main indicators that they pay attention to and are essential for making crypto investment decisions.

In addition, 39% of participants stated that they are not interested in cryptocurrency due to regulatory concerns and their doubts that Bitcoin can be an effective store of value. Others revealed a lack of expertise and familiarity with this asset class.

Bitcoin BTCUSD
Source: Arcane Research

on the other hand, Fidelity It was found that “there are more institutions adopting digital assets today”. In 2019, 22% of participants in the same survey stated that they hold cryptocurrencies, compared with 36% in 2020 and 52% in 2021. 71% said they have plans to invest in cryptocurrencies and digital assets in the future.

Arcane Research concluded that the results indicate that there is an increase in institutions in the encryption industry.These Major players have pushed Bitcoin from USD 10,000 to a record high of USD 64,000 and will be the key to further appreciation.

Bitcoin BTCUSD
Source: Arcane Research

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