- Growth of Institutional Interest
- Institutional Players in Bitcoin ETFs
- Bitcoin Technical Analysis
Institutional investors are continuously showing significant interest in Bitcoin, despite price corrections. The second quarter of 2024 has seen a considerable uptick in institutional interest in Bitcoin ETFs.
Growth of Institutional Interest
Data from K33 Research show that in Q2 2024, over 262 new companies jumped into spot Bitcoin ETFs, bringing the total to 1,199 professional firms with holdings in spot ETFs by the end of June. The adoption of US-based spot Bitcoin ETFs jumped by over 27%.
Institutional Players in Bitcoin ETFs
Institutional investors now hold a larger share of the total assets under management (AUM) in Bitcoin ETFs, increasing their stake by 2.41 percentage points to reach 21.15% of the total AUM. While retail investors still dominate the scene, the gap is narrowing as more institutional money flows in. Among institutional investors, such as Millennium and Susquehanna, there has been a slight reduction in their shares in Bitcoin ETFs due to increasing competition and less attractive yields.
Bitcoin Technical Analysis
At press time, Bitcoin was trading at $58,548.17, with a slight 0.14% decline. The candlestick patterns show that the market is in a consolidation phase. The MACD is in negative territory at 59.76, indicating bearish momentum, although the lines are converging, which might suggest easing downward pressure. The Relative Strength Index (RSI) stands at 52.36, indicating a neutral zone. The slight upward trend in RSI over recent hours could signal rising buying pressure. The moving averages (SMA 10 and SMA 5) are also beginning to converge, confirming the market's current stability.
Institutional investors continue to expand their presence in the Bitcoin ETF market, despite price fluctuations and changing market conditions. The growth in the number of new companies and increasing shares in total assets under management indicate ongoing interest in such investments.
