Matrixport: Institutions account for up to 85% of Bitcoin purchases

Institutional investors are not shying away from cryptocurrencies — they account for up to 85% of Bitcoin purchases. These assessments were provided by Matrixport’s head of research and strategy Markus Thielen, according to Cointelegraph.

\n\n\n\n

In Thielen’s view, this could signal the market’s entry into a new bull phase. He predicted that altcoins would soon outperform Bitcoin in price dynamics.

\n\n\n\n

Thielen’s view rests on the firm’s study linking purchases of a given digital asset to the timing of their execution and the market’s structure. If bullish dominance is pronounced during the U.S. trading session — that signals institutional presence; in the Asian session — retail investors.

\n\n\n\n

For Bitcoin, 35% of the 40% year-to-date rise this year occurred during U.S. trading hours, according to the document.

\n\n\n\n

Thielen said that historically institutional purchases of Bitcoin have preceded active accumulation of altcoins.

\n\n\n\n

The expert also noted that large investors are showing interest in Ethereum, and Aptos — \”is performing well around the clock.\”

\n\n\n\n

Earlier, LookIntoBitcoin analysts said that Bitcoin had moved into the early stage of a bull market.

\n\n\n\n

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, prices and analysis.