Looking at the current market sentiment, all we see is the price crash of almost 50% from the all-time high of $64,000 in a matter of a few days bitcoin lost almost 424 billion of its market cap.
Yet when we look at the bigger picture and go beyond this year we see that bitcoin has actually performed quite well.
Bitcoin has risen by almost 264% in value compared to a year ago. Rising to $34,000 from $9,400 in just a year and despite the jaw-dropping price swings bitcoin has managed to continue on an upward trajectory.
And one thing seems to be driving this trend,
Institutional Investors
According to bitcoin treasuries, about 8.08% of the total bitcoin supply is currently held by institutions and the list is only growing.
Top investments in bitcoin by institutions:
- GreyScale: $22 Billion
- Microstrategy: $2.2 Billion
- Tesla: $1.5 Billion
- Square: $ 220 Million
- Bulgaria Government: $3.3 Billion
- Ukraine Government: $1.7 Billion
The past year was a transition moment for bitcoin and cryptocurrency as hedge funds and large asset managers looked for ways to protect themselves from the rising inflation and devaluing fiats and digital currencies proved to be a safe haven.
What's interesting is that many analysts and crypto veterans agree that much of the price volatility that bitcoin saw in the past weeks was propelled by retail investors while institutions held strong, in fact, they used this opportunity to invest even more.
Source: Blockonomics - Bitcoin see a 264% Annual Price Increase thanks to Institutional Investor
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