Institutions help drive rally as Bitcoin ETP volumes surge 50%
Bitcoin and crypto ETPs have surged in market cap and volumes as institutions buy up BTC. Recent research has revealed that institutional grade exchange traded products surged in volume this month.A report by CryptoCompare delves into some metrics behind Bitcoin’s epic bull run to a new 2020 high of $17,800 and reveals that institutions have been a driver of momentum.The Digital Asset Management Review found that aggregate exchange traded products (ETP) volumes have surged 53% over the past 30 days. Average daily volumes now stand at $173.5 million compared to $113 million in October. ETPs....
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The decline in the price of bitcoin following the rally has unearthed some underlying weaknesses that were not easily seen before. The run-up and eventual rundown from $25,000 have shown that retail investors are not as moved by the market as expected. Even now, transaction volumes for retail investors remain muted, indicating that the burnout from the rally was actually a result of low bullish sentiment. Bitcoin Retail Volume Remains Low In a recent report, Glassnode points to the low retail volume as an indicator of the weakness of the market. Usually, retail investors react to long....
Nigeria’s peer-to-peer bitcoin trade volumes went up to just under $38 million in June 2021, the latest data shows. This surge becomes only the second time Nigerian P2P traded volumes have breached the $35 million mark in 2021. March 2021 is the only other period when P2P bitcoin traded volumes nearly surpassed the $38 million mark. Nigerian P2P Growth Unhindered by Central Bank Crypto Restrictions Still, as the data shows, the country’s June volumes surge had been preceded by the marginal drop of traded value to $35.2 million and $34.9 million in the months of April and May....
Brazil registered its highest number of companies and institutions declaring ownership of cryptocurrencies in August. The numbers, which come directly from the Brazilian Tax Authority (RFB), show that more and more institutions are eager to purchase cryptocurrency, and also indicate that the most significant volumes are moved using Tether’s stablecoin usdt.
Institutions Are Holding More Crypto in Brazil
Institutions are attracted to holding crypto in Latam countries due to their economies’ specific problems. Recently, the Brazilian Tax Authority (RFB) registered a....
Japan is an interesting country when it comes to Bitcoin. Not only does Japan treat Bitcoin like money, it is all set to end the sales tax on purchases of cryptocurrencies this spring. What is more interesting lately, however, has been the surge in Bitcoin trading volumes in Japan. While China is easily the leader in Bitcoin volumes, what is going on with the Japanese volumes is an interesting story itself. It would come as no surprise that it closely mirrors the mysterious case of the Chinese volumes. A high volume euphoria. In order to understand what is going on in Japan, we talked with....
According to new data, peer-to-peer (P2P) bitcoin trade volumes in Kenya and Ghana surged in Q1 of 2021, with the two countries now ranked second and third respectively. On the other hand, volumes in South Africa, which occupied second place in 2020, dropped marginally. Consequently, South Africa has now been relegated to the fourth position the data shows. Contrasting Regulatory Regimes Meanwhile, one report has attributed the surge in Kenya and Ghana’s P2P volumes to the two countries’ tacit endorsement of cryptocurrencies. For instance, the report points to the Central Bank....