According to the latest reports, there is one specific cryptocurrency industry that could herald a Bitcoin rally. Check out the available details below.
Crypto Industry Could Herald Bitcoin’s Rally
According to new reports, analytics platform Santiment has revealed where deep-pocketed Bitcoin (BTC) investors are putting their money after the cryptocurrency sell-off.
Santiment made sure to highlight that crypto whales may have invested in government debt in the U.S. and other countries due to Fed rate hikes and a bleak economic outlook.
“One thing that gives traders hope is that the market cap of large stablecoins has been growing until May of this year.”
The same annotation reveals the following:
“But when the FOMC rallies and recession fears start to really affect investors’ speculative decisions, it becomes harder for big holders to justify keeping such a large amount of dollar-pegged cryptocurrency on the sidelines .”
The same note says:
“The likely implication is that these large institutions and whales are holding their funds in U.S. and world treasuries. Cryptocurrencies are too unattractive to them (currently) with so much uncertainty throughout 2022.”
Fidelity Highlights Crypto Adoption Boom
A new survey by financial services giant Fidelity has revealed that the majority of institutional investors have invested in crypto assets.
In a report from Fidelity Digital Assets, the firm’s cryptocurrency space, President Tom Jessop made sure to explain the fact that the industry is in the “institutionalized” phase emerging from a bear market cycle.
“The increased adoption reflected in the data points to a strong first half of the year for the Crypto asset industry. We believe in Crypto assets despite the many headwinds the market has faced in recent months.”
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