Reported 2 days ago
Coinbase's John D’Agostino highlighted that Bitcoin's recent rise to $93,000 is primarily driven by institutional investors, rather than retail buyers who are withdrawing from exchange-traded funds (ETFs). This rally, which started in early April, saw institutions quietly accumulating Bitcoin while retail investors exited. D’Agostino points to trends such as de-dollarization and Bitcoin’s appeal as an inflation hedge to explain this shift, noting that major altcoins have not followed suit. Despite recent retail ETF exits, there has been a resurgence in ETF inflows, totaling over $2.2 billion from April 21 to 23.
Source: YAHOO