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  4. Institutional demand for Bitcoin appears to be cooling down, data reveals
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Institutional demand for Bitcoin appears to be cooling down, data reveals

A report from analytics firm Glassnode suggests that institutional demand for Bitcoin may be slowing down. Glassnode came to this conclusion after evaluating the share price of...
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Institutional demand for Bitcoin appears to be cooling down, data reveals Institutional demand for Bitcoin appears to be cooling down, data reveals

A report from analytics firm Glassnode suggests that institutional demand for Bitcoin may be slowing down.

Glassnode came to this conclusion after evaluating the share price of Grayscale’s Bitcoin Trust, as well as the total holdings of two Canadian Bitcoin exchange-traded funds.

According to the report, the shares of the Grayscale Bitcoin Trust have persistently traded at a discount relative to the net asset value of BTC. This could be an indication that institutional investors are beginning to lose interest in Bitcoin. Glassnode wrote:

Since Feb 2021, the GBTC product has reversed to trade at a persistent discount to NAV, hitting the deepest discount of -21.23% in mid-May. Following the subsequent sell-off, the GBTC discount has started to close up, trading this week between a low of -14.44%, and a high of -4.83% to NAV.
Similarly, the Purpose Bitcoin ETF and the 3iQ Digital Asset Management QBTC ETF, both Canadian-based Bitcoin ETF products have dropped by 8,037 BTC over the past month.

Data from Bybt.com appears to corroborate Glassnode’s claims. As of press time, the Bitcoin long-short ratio, which compares active buying and selling volumes, was at 0.76, indicating that more investors were shorting Bitcoin.

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01-05-2024 10:45:17 (UTC+7)

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1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Sell (3)

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-0.0015 (-0.12%)

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157.91

+0.12 (+0.07%)

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↑ Buy

Moving Avg:

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AUD/USD

0.6469

-0.0003 (-0.05%)

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1.3780

+0.0003 (+0.03%)

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168.32

+0.10 (+0.06%)

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0.9808

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81.14

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4,920.55

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5,035.69

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1,973.05

-42.98 (-2.13%)

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10,854.40

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49.155

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27.35

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266.60

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6.714

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
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 FTSE 1008,144.13Sell
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 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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