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📺 Helpful Videos 📺
Corporates Buying 👉 https://www.youtube.com/watch?v=JYd1khX3loA
– TIMESTAMPS –
2:17 PayPal Hopium
6:20 Grayscale Stacking
9:40 Survey Data
14:06 Onchain Data
16:44 Futures Markets
20:13 Final Thoughts
⛓️ 🔗 Helpful Links & Sources 🔗 ⛓️
► PayPal News: https://www.coindesk.com/paypal-said-to-be-in-talks-to-buy-crypto-firms-including-bitgo-bloomberg
► PayPal CEO WEF: https://www.theblockcrypto.com/linked/8588/paypal-ceo-dan-schulman-pooh-poohs-bitcoins-payments-potential
► Fidelity Report: https://bit.ly/37RWoL5
► Coin Telegraph Report: https://bit.ly/3jBeT8V
► Bitcoin Treasuries: https://bitcointreasuries.org/
► Fintel GrayScale: https://fintel.io/so/us/gbtc
► Bakkt Deliveries: https://twitter.com/ArcaneResearch/status/1317013828681502720
💵 PayPal News 💵
PayPal announced that they would give users the ability to buy crypto in the app. They would be allowing their 324 million users to not only accept cryptocurrency as payment but that they could also buy the crypto in their accounts.
This news started the hype engine and numerous established media outlets covered it. This had the predictable effect of instilling a lot of bullish sentiment among market participants.
There are a number of issues with this news though. You cannot withdraw the crypto to your own wallet, you cannot send it to anybody else on PayPal and the fees are very high.
But just because the actual service offered by PayPal aint all that amazing, does not mean that the move itself is not an exciting one.
💸 GrayScale Buying 💸
Grayscale’s two biggest trusts are of course Ethereum and Bitcoin with the latter having over $6 billion AUM. This has been growing at a steady pace and in Q3 of this year we could see that they were able to take in $1 billion in deposits. Over 80% of these came from institutions and the bulk of these were from hedge funds.
If you take a look at the funds that were buying the Bitcoin you can see that they have a lot more backing them up in terms of capital. If they decide to buy more then this could power up the price of Bitcoin.
📑 Research Reports 📑
Fidelity Digital investments conducted a survey of 774 institutional investors split between the US and Europe.
– Over 36% of the respondents currently invest in digital assets
– Over 80% find something appealing about digital assets
– 60% said that they feel digital assets have a place in their portfolios
There was also a Coin Telegraph research report that was done by institutional investors in Europe.
This report surveyed 55 portfolio managers in Europe who collectively have about 718 billion Euros under management.
So, out of these portfolio managers, 36% of them already had digital assets of some form in their portfolio.
This is exactly the same allocation that was focused on in the Fidelity Research report which shows that there are a lot of institutional investors that are buying Bitcoin that we do not know about.
🔗 On Chain Data 🔗
We can take a look at the amount of addresses that contain more than 1,000 BTC to get a sense of how much of it is being hodled.
There has been a sustained increase in the number of these addresses over the past few months. This has recently spiked above 2,200 unique addresses.
You also have a large fall in the amount of Bitcoin that is being held on the exchanges. This shows that those investors are moving their crypto in order to hodl.
📈 Derivatives Market 📈
You will also notice that a lot of the action that is taking place on the CME is as a result of institutions looking to get exposure to bitcoin and to hedge their risks.
The Open interest on the futures market over at the CME is at record highs and is even greater that BitMEX. It now only trails OKEX. The CME also lists their option instruments which have been picking up a great deal of volume.
There is also considerable physical delivery taking place on exchanges such as Bakkt. This is another futures exchange. The amount of Bitcoin delivered in October is also at a record high.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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