This time, institutional and retail investors are both keen to accumulate Bitcoin and data from crypto derivatives markets shows institutional investors are driving Bitcoin volumes to new highs.
BTC futures volume by exchange. Source: Digital Assets Data
According to research from Grayscale Investments, a digital asset management company that currently holds over $9.8 billion in assets under management, the coronavirus pandemic may be a primary driver of Bitcoin’s current rally.
According to the company’s yearly survey, 83% of all Bitcoin investors started in the last 12 months, a time when COVID-19 infections were minimal.
38% of all current Bitcoin investors interviewed joined in the last 4 months and, among these, 63% said that the economic disruption caused by COVID-19 positively influenced their decision to purchase BTC.
Bitcoin is becoming mainstream