BTC Artist
[ad_1]
Trusts and funds that manage crypto assets (virtual currencies) are increasing their bitcoin (BTC) holdings. Investor demand rebounded in the weeks following a series of bank failures.
According to CryptoQuant, a crypto-asset analysis firm, bitcoin held by crypto-asset management companies such as trusts and ETPs (listed exchange-traded financial products) declined sharply in early March, with Silvergate Bank, Signature Bank, and Silicon Valley Bank It fell below 688,000 BTC on March 14, immediately after the bankruptcy.
However, it increased by about 4,000 BTC in the weeks that followed, and as of April 2, holdings exceeded 692,000, about $20 billion at the current price of just over $28,000. 132 yen conversion) equivalent.
“I think it’s the first significant test for Bitcoin in the face of a serious crisis,” CryptoQuant analyst Grizzly told CoinDesk.
Speculation that the Federal Reserve is ending its rate-hiking cycle is fueling investor holdings, he said.
Will there be a rate hike at the next FOMC?
Fed Chairman Jerome Powell didn’t mention a moratorium on rate hikes at his late-March press conference, but the CME FedWatch Tool now says 58% of traders expect no rate hikes at the FOMC meeting in May. .
“Investors appear to be taking a wait-and-see approach,” said James Butterfill, head of research at crypto manager CoinShares. I don’t know yet,” he said.
“I think[the Fed]has just postponed the problem and is stuck between raising interest rates and creating an inflation problem, or raising interest rates and creating a banking crisis,” he said. In any case, it is likely to be a supportive factor for Bitcoin in the long term.”
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: CryptoQuant
| Original: Crypto Funds’ Bitcoin Holdings Rise as Investor Demand Rebounds
[ad_2]
Source link
