Bitcoin's Institutional Demand Seen as Resilient Despite Headwinds
Dow Jones
Yesterday
0921 ET - Institutional demand for Bitcoin remains remarkably resilient despite some immediate pressures that have pulled it back from a recent rally, XS.com's Simon-Peter Massabni says in a note. Bitcoin is trading down after touching 8-month highs twice this week. The pullback reflects macroeconomic pressures, primarily a shift in interest rate expectations from the Federal Reserve's recent tightening, along with pessimism around the conflict in Iran, Massabni says. But net inflows for Bitcoin ETFs have surged, positioning the funds for their strongest weekly performance since October of last year, Massabni says. The heavy institutional buying establishes a firm price floor, he says.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.