Bitcoin trust premiums start to rise showcasing interest from institutions. The number of holders begins to rise, however, velocity of BTC begins to decline.
Miner revenues continue to fall, which could lead to potential selling pressure.price had been consistently hovering around the $30,000 mark. However, the recent interest displayed by institutions in BTC may potentially exert a positive influence on its price trajectory.According to recent data by Woominkyu from CryptoQuant, institutional investors’ optimism was evident from the rising premium of Bitcoin trusts.
For context, a Bitcoin trust is a financial product or investment vehicle that allows investors to gain exposure to Bitcoin’s price movements without directly owning the cryptocurrency From January 2023 until the time of writing, the premium of the Bitcoin trust consistently grew, signifying growing investor eagerness to purchase the fund, which in turn reflects a positive outlook on Bitcoin. As the premium rose, the gap between the trust’s market price and the actual market price of Bitcoin narrowed down, further indicating the increasing positivity among investors towards Bitcoin.
Capitulation is a term used to describe a situation where investors give up hope and sell their assets in a panic, causing a sharp decline in prices. The absence of capitulation suggests a potential improvement in investor confidence and a possible turnaround in Bitcoin’s price trend.
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