The Last Sellers Are Out – Bitcoin’s Next Leg Is Loading 
Bloomberg Intelligence analyst Jamie Coutts thinks the overall crypto market cap could jump by 6-7x this cycle.
Coutts says certain trading strategies will explode as the total market cap of $1.483 trillion at time of writing, balloons.
“As the crypto asset class heads towards $8-$10 trillion this cycle, I expect to see the proliferation of systematic and factor-based strategies. Watch for funds with proven out-of-sample returns and two cycles under their belt to go from sub-$25 million to $500 million -$1 billion [assets under management].”
Coutts also bats down the idea that crypto’s recent bullish price action is entirely due to the hype surrounding the potential approval of a US spot Bitcoin (BTC) exchange-traded fund (ETF).
“Those that believe that recent price action is down to the ETF news are delusional. By Q1 Bitcoin was sending the clearest of signals that the very nature of asset allocation was changing. It’s just that most weren’t paying attention.”
Earlier this month, Coutts also pointed out that the number of Bitcoin addresses still holding BTC after making two purchases has reached a new all-time high (ATH).
He suggests the investors are holding for the long term as they anticipate approval of a spot Bitcoin ETF.
“Despite a 100% rally in 2023, so far it’s been firm hands. Bitcoin addresses that have bought twice and not sold hits new ATH 844,000. This amounts to over three million BTC or 16% of the circulating supply. HODLers (hold on for dear life) will make ETF investors pay up.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3
