Bitcoin "enters stratosphere" as massive OTC deals spark institutional demand

Published on by Cryptoslate | Published on

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Bitcoin achieved its highest price since January 2018 across major exchanges, seeing a massive rally as over-the-counter deals grow.

The rise in OTC deals and the simultaneous increase of Bitcoin depicts a similar trend.

High-net-worth investors and large Bitcoin holders, like whales, miners, and institutions, often use the OTC market.

When large Bitcoin holders place massive buy or sell orders on exchanges, it can cause massive volatility.

The AUM of Grayscale is nearing $10 billion as institutional capital continues to pour into Bitcoin.

First, Bitcoin is becoming increasingly perceived as a store of value.

Third, the coverage around Bitcoin by major investment banks, like JPMorgan and Citibank, have either become more neutral or bullish.

In October, a note from JPMorgan emphasized that Bitcoin has considerable upside potential in the long term.

"The potential long-term upside for bitcoin is considerable as it competes more intensely with gold as an 'alternative' currency we believe, given that Millenials would become over time a more important component of investors' universe."

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