Bitcoin logs $28,000 all-time high, but there’s no retail interest (yet)

2020-12-29 00:16

Bitcoin prices zoomed to $28,000 last week, but one key element of the market remains missing.

Where’s the retail at?

Data suggests a critical driver of the cryptocurrency market from 2017 is yet to step into the vicious realms of the infamous, volatile, and oft-excruciating space.

Analytics service skew tweeted Sunday that “retail interest hasn’t surged back” despite the prices of Bitcoin reaching record-high levels and other cryptocurrencies seeing price pumps over the weekend.

2017 vs 2020 – retail interest hasn't surged back pic.twitter.com/fnPHSYEbwr

— skew (@skewdotcom) December 27, 2020

Citing data from Google Trends, skew found retail searches for “Bitcoin” remained at pre-2017 levels, a time when Bitcoin surged from under $1,200 to over $19,000. The asset fell by over 80% to under $3,500 at the start of 2019, post which the market picked up again.

The institutions are here, and they want Bitcoin

So if not retail, who is buying? As per skew’s data, it’s institutions. Data for institutional fund manager Grayscale showed assets under management for its various, popular exchange-traded funds reached $16 billion this year.

GBTC, the firm’s Bitcoin offering, accounts for $13 billion of that warchest alone. The product trades over-the-counter and is a very liquid market, with over $12 million traded each day. Each GBTC “share” holds a small amount of spot Bitcoin, with Grayscale charging a small premium on top of that value for that convenience.

The product, offered by Grayscale Investments, is one of the only publicly-traded Bitcoin offerings for US citizens and has gained popularity amidst a broader positive sentiment for Bitcoin among institutional funds, tech companies, and family offices in 2020.

Some fund managers, such as Harris Kupperman of Praetorian Capital, say Grayscale’s GBTC accounts for much of Bitcoin’s price movement in 2020 as well. In a blog earlier this year, he said the GBTC creates an endless buying loop of institutions purchasing the shares, Grayscale purchasing spot Bitcoin to cover those shares (driving up prices), and market participants further buying up more Bitcoin as prices move up.

I didn’t realize this wrinkle. Guess nothing really changes… to infinity and beyond… https://t.co/flYin3en8E

— Kuppy (@hkuppy) December 23, 2020

Meanwhile, Wall Street firms have taken a greater interest in Bitcoin and are rushing to capitalize on its gains amidst a bleak economic outlook and fears of inflation. These include Guggenheim Partners, which for instance, recently said it might invest up to 10% of its $5.3 billion Macro Opportunities Fund in a Bitcoin trust.

Some others are on the bandwagon already. Software player MicroStrategy picked up $1 billion in Bitcoin over three purchases this year, while fund manager Paul Tudor Jones said in May that he holds over $70 million worth of the asset via BTC futures.

The post Bitcoin logs $28,000 all-time high, but there’s no retail interest (yet) appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67035.82 (-0.05%)
Объем 24H $22.306b
Изменеия 24h: 0.29 %, 7d: 6.70 %
Cегодня L: $66031.14 - H: $67263.11
Капитализация $1320.664b Rank 1
Цена в час новости $ 25987.3 (157.96%)

bitcoin retail yet interest logs all-time high

Источник: cryptoslate.com

bitcoin retail → Результатов: 126


Фото:

Bitcoin Retail Buying Spikes, Adoption Accelerating?

On-chain data shows that Bitcoin retail investors have been aggressively buying the asset recently, a sign that adoption may accelerate. Bitcoin Shrimps Have Been Aggressively Accumulating Recently According to data from the on-chain analytics firm Glassnode, only 116 days in the entire history of the cryptocurrency have seen stronger accumulation from retail traders. The relevant […]

2023-4-5 21:25


Фото:

Sharp Decline in Retail Investments As Bitcoin Braces For Tough Times

Bitcoin has been experiencing a sharp decline in retail investments for 426 days since last year’s great miner migration out of China. According to a recent network analytics report by Glassnode, the decline equates to the retail investor purge experienced for 474 days during the infamous 2018 bear market. This comes even as the Bitcoin […]

2022-9-30 23:28


Фото:

$15 Billion Store Elektra Becomes First Retail Chain To Accept Bitcoin In Mexico

One of the largest retail stores in Mexico, Elektra has announced that it will now start accepting Bitcoin for purchases.  This is according to an announcement by the company’s founder and chairman Ricardo Salinas Pliego moments after the store changed the hero image on its website displaying the Bitcoin logo. “The rumors are true, ElektraMx […]

2021-12-18 17:00


Data: Retail Interest in Bitcoin Peaked Just Before 13% August Flash Crash

Bitcoin’s price has rebounded following a brief selloff seen earlier today that caused it to dip as low as $11,200 The cryptocurrency’s recent strength has come about due to the confluence of multiple factors that have all been helping to drive it higher It remains roughly $1,000 below its 2020 highs that were set in August, however, and there’s still a plethora of underwater investors Data reveals that retail interest in buying Bitcoin seemed to […]

2020-10-13 02:00


Bitcoin Retail Shopping App By Bitplaza Inc

As we are entering a period of accumulation and mass adoption, the use cases of crypto still remain unclear for everyday individuals that debate the value and impact it will have in society. While businesses and institutional investors are starting to implement blockchain into their business practices, crypto enthusiasts are still trying to find ways […] The post Bitcoin Retail Shopping App By Bitplaza Inc appeared first on NullTX.

2020-2-9 21:55


Фото:

American Retailer Target to Launch Open Source Blockchain for Supply Chains

In May 2018, Target Corporation, the eighth largest retailer in the United States, began working on an open source blockchain project for supply chain tracking called ConsenSource. According to a post released by Joel Crabb, the retail giant will also support the Hyperledger Grid, a project initiated in large part by Cargill, one of theRead MoreRead More.

2019-6-12 13:00


Фото:

Report: Retail Banks Still Wary of Blockchain Technology

While distributed ledger technology (DLT) is fast gaining traction in several sectors of the global economy including investment banking, remittance, payments, and others, a new report by McKinsey & Co has revealed that the retail banking ecosystem have been slower to integrate the technology due to regulatory challenges and other bottlenecks, reports Bloomberg on JuneRead MoreRead More.

2019-6-9 09:00


Bitcoin’s biggest advantage is its network effect, says Monero’s Riccardo Spagni

Bitcoin [BTC], the largest cryptocurrency by market cap, marked the first decade of decentralization this January 2019 by celebrating the 10th anniversary of its genesis block generation. Over the years, Bitcoin grabbed the attention of retail investors, institutional investors, regulating bodies and even powerful government bodies across the globe.

2019-6-4 07:37


Фото:

Walmart Joins Blockchain Consortium MediLedger to Track Pharmaceuticals

In a bid to bring more transparency to the supply chain of pharmaceutical goods, retail giant Walmart has joined blockchain consortium MediLedger, Coindesk reports, June 3, 2019. Tracking Pharmaceutical Goods with Blockchain Although blockchain technology is making encouraging inroads across myriads of industries, its utility in the supply chain management space is especially fascinating.

2019-6-3 19:00


Could Billionaires Buy 25% Of Bitcoin’s (BTC) Total Supply? Dadiani Syndicate Might Have a Say

Dadiani Syndicate helps large clients buy or sell Bitcoin There is an interested party that wants to purchase 25% of all the current Bitcoin supply In general, when retail investors want to purchase Bitcoin (BTC), the first thing that comes into their mind is to open an account on a cryptocurrency exchange, deposit some funds […]

2019-5-31 18:09


Bitcoin Bulls and Mainstream Media Not on the Same Page as Headlines and Price Shows Divergence

Bitcoin is more famous now in 2019 than it ever was before. The recent price spike caused the newest wave of people investing in the asset today. Traditional financial investors, giants from social media and even retail companies such as Starbucks are all talking about cryptos, this is a fact. However, most of the mainstream […]

2019-5-30 01:17


A $130 Million Shorts Liquidation May Have Supercharged Bitcoin Price to $9,000

By CCN: On May 27, the bitcoin price surged from $8,000 to $8,939 on major exchanges such as Bitstamp and Coinbase, achieving a new high for 2019. Key catalysts behind the abrupt increase in the bitcoin price within a short time frame remain unclear; some have suggested the overall improvement in sentiment around the crypto market and an increase in demand from retail investors.

2019-5-27 17:27


Coinbase in News-A Quick Sneak Peek into U.S. Leading High-Frequency Cryptocurrency Exchange

With over 20 million users and market valuation of $8 billion, CoinBase is one of the most prominent cryptocurrency exchanges in U.S. Having grown leaps and bounds as a bitcoin wallet and retail exchange, Coinbase is also revered for its offerings including cryptocurrency custody, wallet services, and both retail and institutional trading platforms. Goes without […]

2019-5-26 21:21


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

4 Key Reasons Why The Bitcoin Bull Run Is Far From Over

In an analysis shared via X, renowned crypto analyst Ted (@tedtalksmacro) has provided compelling evidence to support his assertion that the current Bitcoin bull run is far from over. Ted’s insights are based on four critical indicators related to traditional finance and crypto liquidity, each pointing to sustained growth in the near future.

Bitcoin Not Out Of Danger Yet, NVT Golden Cross Warns

On-chain data shows the Bitcoin Network Value to Transactions (NVT) Golden Cross still has a high value, a sign that may be bearish for BTC. Bitcoin NVT Golden Cross Is Still Near Historical Top Zone In a CryptoQuant Quicktake post, an analyst discussed the recent trend in the NVT Golden Cross for BTC and its implications for the price.

Bitcoin Hash Ribbons Form Capitulation Signal: What It Means

On-chain data shows the Bitcoin Hash Ribbons have recently gone through a crossover. Here’s what it could mean for the cryptocurrency. Bitcoin Hash Ribbons Suggest Miner Capitulation Is On As explained by CryptoQuant community manager Maartunn in a Quicktake post, miners are capitulating right now if the Hash Ribbons indicator is to be believed.

Bitcoin Deja Vu: Indicator Mirrors Pattern That Led To 2021 Top

On-chain data suggests a Bitcoin indicator is currently mirroring the same trend that led to the top of the bull run in 2021. Bitcoin Long-Term Holder Distribution Appears To Be Ending As explained by CryptoQuant community manager Maartunn in a post on X, the BTC long-term holders are currently showcasing a trend that’s reminiscent of […]

Bitcoin HODLer Profit-Taking Calms Down After Wild Selling Spree: Green Sign For Rally?

On-chain data shows the Bitcoin long-term holders have finally cooled off their profit-taking after showing a wild selloff just earlier. Bitcoin Coin Days Destroyed Has Calmed Down For BTC Recently As pointed out by BTC on-chain research account “The Bitcoin Researcher” in a post on X, the Coin Days Destroyed In Profit metric has declined […]

Bitcoin Supply Shock: Exchange Inflow Trend Lowest Since 2015

On-chain data shows the Bitcoin exchange inflow trend has been at its lowest in almost a decade recently, a sign that may be bullish for the asset. Bitcoin Exchange Inflows Have Been On The Decline Recently As pointed out by CryptoQuant author Axel Adler Jr in a post on X, the BTC exchange inflows have […]

Bitcoin To Reach Escape Velocity? Analyst Makes The Case

An analyst has explained how Bitcoin seems to be showing a good setup to reach escape velocity based on the trend in this indicator. Bitcoin VWAP Oscillator Has Been Showing A Bullish Divergence As explained by analyst Willy Woo in a new post on X, a bullish divergence has appeared to be forming in the Volume-Weighted Average Price (VWAP) oscillator of the cryptocurrency.