Bitcoin has seen unprecedented growth over the past 365 days. Still, the thing to note here is that the Bitcoin community that formed during the 2018 bear cycle is very different from the pre-2017 rally.
Investors today are well informed, financially literate enough to understand what they are getting into, and most importantly, they are struggling with the collapse of global economic conditions.
Perhaps the price in Bitcoin is a very superficial metric for judging this type of growth and change in investors. However, there are other metrics that you can always look at.
This is a broader ceiling and capital inflows, investments in crypto industries, which may be direct / indirect, public offerings, etc. It includes the activities of such institutions. Take Coinbase, for example. The pioneer of American crypto exchanges has come a long way from a venture with crypto to having his company worth $ 8 billion for potential IPO plans.
Similarly, Bakkt, a place where institutions can invest in Bitcoin, is under 2 years old and is also planning an IPO.
Other corporate activities include MicroStrategy, Square and Grayscale and Black Rock, Morgan Stanley, etc. in corporate capital flow. There are indirect investors such as.
In addition, Grayscale Investments’ $ 24 billion Bitcoin asset should not be forgotten.
In addition, CME volumes hit a new ATH in the middle of a 20% correction, showing that institutions are also getting used to Bitcoin’s volatility.
Finally, the total BTC Futures OI also reached a new high on the charts, indicative of buoyant trader activity, despite the decline liquidating the $ 2.4 billion cumulative positions.
So, given all of the above, it can be certain that Bitcoin is basically stronger than ever. What will this entail? This will turn into an unprecedented increase in the price of Bitcoin and as a result Bitcoin will reach $ 100,000, or perhaps $ 160,000 in the future.