Meltem Demirors, the chief strategy officer (CSO) at digital asset manager CoinShares, says that institutional investors appear to be betting on an upcoming Bitcoin (BTC) rally.
In a new interview with CNBC, Demirors notes that investors have been sinking money into Bitcoin investment products recently.
“If we look at flows into Bitcoin products, we have seen six weeks of consecutive [inflows].
We saw a little bit of an uptick in flows in August, then we traded really flat, very low volumes.
The last six weeks we have seen a lot more activity, a lot more trading volume. We’re now at $760 million of flows into Bitcoin products in 2023. We have exceeded the levels in 2022. So I think those are all indicators that institutional buyers are starting to position around Bitcoin potentially rallying into year-end and into Q1 of next year.”
Demirors also says she thinks the US Securities and Exchange Commission (SEC) will approve a Bitcoin spot market exchange-traded fund (ETF) by the end of the year. However, she notes that it will likely take some time for capital to flow into a Bitcoin ETF if the SEC approves the highly anticipated Bitcoin investment product.
“I think there’s a lot of enthusiasm. The question is how quickly will those flows materialize. I think it might take a few quarters but again, there’s just this tremendous demand.”
Bitcoin is trading at $37,369 at time of writing.
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The post Cash Flow Into Bitcoin Investment Products Suggests Institutions Are Betting on a BTC Rally: Meltem Demirors appeared first on The Daily Hodl.
