Meltem Demirors, the chief strategy officer (CSO) at digital asset manager CoinShares, says that institutional investors appear to be betting on an upcoming Bitcoin (BTC) rally.
In a new interview with CNBC, Demirors notes that investors have been sinking money into Bitcoin investment products recently.
[adinserter block="1"]“If we look at flows into Bitcoin products, we have seen six weeks of consecutive [inflows].
We saw a little bit of an uptick in flows in August, then we traded really flat, very low volumes.
The last six weeks we have seen a lot more activity, a lot more trading volume. We’re now at $760 million of flows into Bitcoin products in 2023. We have exceeded the levels in 2022. So I think those are all indicators that institutional buyers are starting to position around Bitcoin potentially rallying into year-end and into Q1 of next year.”
Demirors also says she thinks the US Securities and Exchange Commission (SEC) will approve a Bitcoin spot market exchange-traded fund (ETF) by the end of the year. However, she notes that it will likely take some time for capital to flow into a Bitcoin ETF if the SEC approves the highly anticipated Bitcoin investment product.
“I think there’s a lot of enthusiasm. The question is how quickly will those flows materialize. I think it might take a few quarters but again, there’s just this tremendous demand.”
Bitcoin is trading at $37,369 at time of writing.
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