{"id":178754,"date":"2020-12-30T13:50:57","date_gmt":"2020-12-30T13:50:57","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=178754"},"modified":"2020-12-30T13:50:57","modified_gmt":"2020-12-30T13:50:57","slug":"bitcoin-sets-28600-ath-as-institutional-fund-inflows-explode","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-sets-28600-ath-as-institutional-fund-inflows-explode\/","title":{"rendered":"Bitcoin sets $28,600 ATH as institutional fund inflows explode"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> casually breached $28,500 this morning, setting a new all-time high after breaking its previous $19,800 ATH level last month. The move came amidst new narratives spinning for the volatile asset, such as its further positioning as a \u201cdigital gold\u201d and an American bank stating it was \u201ctoo big to fail.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">casual new ATH, nbd<a href=\"https:\/\/twitter.com\/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/bitcoinshortage?src=hash&ref_src=twsrc%5Etfw\">#bitcoinshortage<\/a><\/p>\n<p>&mdash; Su Zhu (@zhusu) <a href=\"https:\/\/twitter.com\/zhusu\/status\/1344177831832559617?ref_src=twsrc%5Etfw\">December 30, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">As shown in the below chart, Bitcoin now sits at $27,800 at press time. The asset reached a high of $28,666 on crypto exchange Bybit in the wee hours, breaking a previous resistance level of $28,000. It trades above the 34-period exponential moving average, indicating a strong trend is still in play.<\/span><\/p>\n<figure id=\"attachment_178757\" aria-describedby=\"caption-attachment-178757\" style=\"width: 1805px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-178757\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/12\/download-1.png\" alt=\"\" width=\"1805\" height=\"856\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/12\/download-1.png 1805w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/12\/download-1-300x142.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/12\/download-1-1024x486.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/12\/download-1-768x364.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/12\/download-1-1536x728.png 1536w\" sizes=\"(max-width: 1805px) 100vw, 1805px\" \/><figcaption id=\"caption-attachment-178757\" class=\"wp-caption-text\">Image: TradingView<\/figcaption><\/figure>\n<h2><b>Grayscale driving up prices?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Much of the institutional narrative points back to <a href=\"https:\/\/cryptoslate.com\/companies\/grayscale-investments\/\">Grayscale Investments\u2019<\/a> Bitcoin purchases. The US-based crypto fund offers some of the only publicly-traded crypto funds as part of its portfolio and has captured over $16 billion in its Bitcoin fund, the GBTC, alone this year.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">12\/29\/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.<\/p>\n<p>Total AUM: $18.8 billion<a href=\"https:\/\/twitter.com\/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BCH&src=ctag&ref_src=twsrc%5Etfw\">$BCH<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw\">$ETH<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ETC&src=ctag&ref_src=twsrc%5Etfw\">$ETC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ZEN&src=ctag&ref_src=twsrc%5Etfw\">$ZEN<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24LTC&src=ctag&ref_src=twsrc%5Etfw\">$LTC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24XLM&src=ctag&ref_src=twsrc%5Etfw\">$XLM<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24XRP&src=ctag&ref_src=twsrc%5Etfw\">$XRP<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ZEC&src=ctag&ref_src=twsrc%5Etfw\">$ZEC<\/a> <a href=\"https:\/\/t.co\/uW0Fac38g3\">pic.twitter.com\/uW0Fac38g3<\/a><\/p>\n<p>&mdash; Grayscale (@Grayscale) <a href=\"https:\/\/twitter.com\/Grayscale\/status\/1344037388222402565?ref_src=twsrc%5Etfw\">December 29, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">GBTC trades over-the-counter in the US and is available in two forms: 1. Either as a subscription model with a lock-in period for investors, or 2. As an instrument that speculators can trade.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The ETF holds a predetermined amount of Bitcoin per \u201cshare.\u201d It trades at $30 at press time, with the value of the underlying BTC approximately $21 and the remaining a \u201cpremium\u201d paid by institutional investors for the convenience it offers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But despite the high premium, investors have piled in. The GBTC sees average trading volumes of over $12-22 million daily, driven by both institutional purchases and arbitrageurs looking to pocket the premium.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This has, in part, helped drive a contrast demand for spot Bitcoin, which in turn drives the asset\u2019s prices up, which<\/span><i><span style=\"font-weight: 400;\"> in turn<\/span><\/i><span style=\"font-weight: 400;\"> drives demand up, which <\/span><b><i>in turn<\/i><\/b><span style=\"font-weight: 400;\"> drives purchases and prices up.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The above is not a retail trading rumor, with even a major US bank acknowledging Grayscale\u2019s role earlier in December 2020.<\/span><\/p>\n<h2><b>JPMorgan acknowledges Bitcoin rush<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">As Bitcoin has moved, US bank JPMorgan, a Bitcoin-naysayer-turned-follower, seemingly doubled down on its ongoing bullish narrative for BTC. The bank said the asset was seeing increased inflows from institutional funds and investors and was primed for more upside.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JPMorgan: Basically&#8230; <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&ref_src=twsrc%5Etfw\">#Bitcoin<\/a>  is expensive but we don&#39;t see it going down.  <a href=\"https:\/\/twitter.com\/hashtag\/NumberGoUp?src=hash&ref_src=twsrc%5Etfw\">#NumberGoUp<\/a> <a href=\"https:\/\/t.co\/K1lL8BkTVj\">pic.twitter.com\/K1lL8BkTVj<\/a><\/p>\n<p>&mdash; Mira Christanto (@asiahodl) <a href=\"https:\/\/twitter.com\/asiahodl\/status\/1344181895521685509?ref_src=twsrc%5Etfw\">December 30, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">In a client note earlier this month, JPMorgan said, \u201ccurrent valuation seems to be primarily driven by institutional demand, with Grayscale leading by volume.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the bank added in the same note:<\/span><\/p>\n<blockquote><p><b>\u201cWe remain cautious about how sustainable this is.\u201d<\/b><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">But given the bank\u2019s history of Bitcoin calls, traders might just oversee that statement.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin casually breached $28,500 this morning, setting a new all-time high after breaking its previous $19,800 ATH level last month. The move came amidst new narratives spinning for the volatile asset, such as its further positioning as a \u201cdigital gold\u201d and an American bank stating it was \u201ctoo big to fail.\u201d casual new ATH, nbd$BTC [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":178749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6849],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin sets $28,600 ATH as institutional fund inflows explode<\/title>\n<meta name=\"description\" content=\"Bitcoin casually breached $28,500 this morning, setting a new all-time high after breaking its previous $19,800 level.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-sets-28600-ath-as-institutional-fund-inflows-explode\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin sets $28,600 ATH as institutional fund inflows explode\" \/>\n<meta property=\"og:description\" content=\"Bitcoin casually breached $28,500 this morning, setting a new all-time high after breaking its previous $19,800 level.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-sets-28600-ath-as-institutional-fund-inflows-explode\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-30T13:50:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/12\/cat-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-sets-28600-ath-as-institutional-fund-inflows-explode\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-sets-28600-ath-as-institutional-fund-inflows-explode\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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