Smart Money Is Moving Back Into Bitcoin — What’s Driving The Surge?
Global crypto investment products recorded $857.9 million in net inflows for the week ending May 11 with Bitcoin capturing a big portion of the increase. This marked the sixth consecutive week of positive flows and the strongest weekly total since April 24, according to CoinShares’ latest Digital Asset Fund Flows report — a streak that […]
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This week, Bitcoin saw a significant surge in bullish momentum, driving its price from $78,000 to as high as $82,855. While the flagship cryptocurrency has pulled back from this local high, it is yet to shift towards a bearish structure. Interestingly, a recent on-chain analysis revealed significant growth in derivatives activity in the Bitcoin market. […]
“We are starting to see a lot of smart money enter into the space and stay there” says Ryan Rabaglia, Head Trader for Octagon Strategy, a Commodity and Digital Asset Trading firm based in Hong Kong. “In the form of small to medium sized institutions taking much larger positions in [bitcoin], and a natural progression to larger ones is sure to follow.....
Bitcoin (BTC) has been gathering some momentum in the crypto sphere lately, crossing the $60,000 mark against multiple analysts’ signals. The world’s leading cryptocurrency has been on a wild ride, with its price fluctuations going haywire during the past few weeks. Related Reading: Tron Rises 24% Amid New Developments – Will The Uptrend Continue? Bullish Factors Driving Bitcoin Price One major driver behind the recent price surge in Bitcoin is the understanding that a spot Bitcoin ETF is likely to be approved by the SEC. With immense anticipation of such a decision from the....
Ethereum rallied with the rest of the crypto market, reaching above $1,500 to land at a new one-month high. As the market rallied, developers had roused from their slumber looking to take advantage of the renewed interest in the market. This saw the number of new smart contracts deployed on the network reach new 2022 highs. Devs Bring The Heat Through 2022, the number of new smart contracts being deployed on the Ethereum network had been on the decline. This decline is understandable given that the market had entered another stretched-out crypto winter and investors were no longer willing....