According to recent reports, several of the world’s largest hedge funds are growing their cryptocurrency holdings. Among the firms mentioned are Brevan Howard Asset Management LLP and Tudor Investment Corp. Bitcoin recovered to intraday highs of $40,251 after falling to a low of $38,244 on March 11. Bitcoin was trading at $3,987 at the time of writing, up 2% in the previous 24 hours.
According to statistics, institutional investors traded $1.14 trillion in cryptocurrencies in 2021, up from $120 billion in 2020 and more than twice the $535 billion traded by ordinary investors.
In the previous 24 hours, whales or institutional purchasers have moved significant quantities of BTC. According to U.Today, approximately 30,000 BTC have been transferred in the last 24 hours. WhaleAlert, a famous cryptocurrency tracking service, has discovered three crypto transactions involving large amounts of BTC.
Various large amounts of Bitcoin (each containing close to 10,000 BTC) have been removed from the publicly traded US-based crypto exchange Coinbase in the last 10 hours, according to several tweets released by the company. Over $1.17 billion in cryptocurrency has been transferred to anonymous wallets.
Bitcoin’s price will rise due to institutional investors.
Swiss Bank SEBA CEO Guido Buehler said that institutional funds would most likely assist drive up the price of bitcoin.
He went on to say that his firm’s estimates predict Bitcoin would reach $75,000 by 2022. At the time of writing, Bitcoin was trading at $41,460, up from its previous low of $40,800. Bitcoin is still down over 40% from its all-time high of $69,000 on November 10, 2021.
“We believe the price is rising; our internal valuation models predict a price of $50,000 to $75,000 right now, and I’m convinced we’ll see that level. The issue is always one of timing “According to the CEO.