Lex Moskovski, Moskovski Capital’s CIO, reveals on Twitter that Bitcoin whales are buying back what they sold during the recently ended multi-month Bitcoin price correction. He further said that these whales have no intention of selling anytime soon. The amount of these Bitcoin repurchases is now at an all-time high.
Lex Moskovski Tweet. Source: Twitter
You’d recall that crypto whales have been buying Bitcoin when it was trading between the $33K and $39K price range. Yesterday, the king coin surged past its long-term $42K resistance, and Coinmarketcap data shows that it is now trading at a little less than $41,900.
A Popular Asset Management Firm Is Investing In Bitcoin
GoldenTree, a popular us-based asset management firm that handles more than $42 billion worth of assets, reportedly acquires Bitcoins. The firm revealed that its Bitcoin acquisition is to expand its asset portfolio.
Inside sources say that GoldenTree is ready to hire experts in the virtual asset space to grasp its investment terrain better. Even though no one knows the exact amount of Bitcoin GoldenTree is buying, the firm clarifies that its crypto investment right now is only Bitcoin.
More Institutional Investors Enter The Crypto Space
Recently, customers of asset management firms have been demanding crypto-related offerings. Hence, this GoldenTree isn’t a surprise, and there would likely be many more institutional and asset management firms toeing the line soon.
The increase in the number of institutional investment firms in the cryptocurrency space is spreading far and near. For instance, Germany recently updated its fixed investment policies to enable asset management firms to maximize 20% crypto investment in their investment portfolio.
This is a positive development for the crypto world since the country hasn’t been too receptive to the virtual asset class. New evidence from a Fidelity Digital Assets survey reveals that over 70% of asset management firms will soon invest in the crypto space. Also, 91% have already developed a schedule to have a substantial crypto investment in the next five years.
Banks Aren’t Left Out
Financial institutions, especially banks, have also observed the sharp growth of and the opportunities in the virtual asset space this year. Hence, some of them, such as JPMorgan, are recanting their earlier decisions not to partake in the industry. JPMorgan now has five crypto investment options for its client base. One is from osprey funds, while the remaining are from Grayscale investments.
Similarly, Bank of America followed the footsteps of Goldman Sachs and granted approval that its high-end clients be exposed to the crypto world by providing them the option of trading Bitcoin futures. Bank of America keeps exploring the crypto world. It now has a crypto research department and has been participating in some crypto-related fundraising rounds.
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