Chart of the day
Is institutional interest in Bitcoin piquing?
Bitcoin price chart
The price of Bitcoin is currently flirting with its yearly highs, as interest toward crypto assets re-ignites once more. In part, this interest is being fuelled by rising optimism that US regulators will approve the implementation of a spot Bitcoin ETF by January 2024, thereby laying the platform for greater institutional Bitcoin flows.
Speaking of institutions, what’s intriguing about Bitcoin’s latest price rally is that it appears it is being fuelled largely by institutional money. For example, ‘open interest’ (the number of open derivatives contracts that are yet to settle) toward Bitcoin on the Chicago Mercentile Exchange, a derivatives marketplace typically dominated by institutional investors, reached 100,000 Bitcoin ($3.4 billion for the first time).