Traders have turned bullish on Ethereum again and the strong break above $400 could pull Bitcoin and other altcoins higher.
Data from Grayscale Investments shows that the firm’s assets under management soared from about $1.9 billion at the end of 2019 to over $3.5 billion by the end of June 30, 2020.
The correction in the US dollar (DXY) and the possibility of further weakness due to continued money printing by the US Federal Reserve could be one of the main reasons for the surge in institutions investing in Bitcoin (BTC).
Interestingly, about 40% of the Bitcoin accumulated over the past two years has not been moved, which suggests that investors are “HODLing” their purchases as they anticipate higher levels in the future.
Daily cryptocurrency market performance.