Bitcoin (BTC) has advanced to a six-week high as the new quarter sees inflows, according to data from CoinShares. The cryptocurrency’s price reached $27,823 on October 7, 2023, its highest level since August 4, 2023.
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The inflows into Bitcoin were driven by institutional investors, with $7 million worth of BTC purchased by digital asset investment products last week. This is the first time in four weeks that institutional investors have bought more Bitcoin than they have sold.
The positive sentiment towards Bitcoin is likely due to a number of factors, including the recent launch of Bitcoin futures ETFs in the United States, the increasing adoption of Bitcoin by major companies, and the growing recognition of Bitcoin as a store of value.
Institutional Investors Increasingly Viewing Bitcoin as a Store of Value
A recent survey by Fidelity Digital Assets found that 80% of institutional investors believe that Bitcoin will become a more important store of value in the next five years. This is a significant increase from the 55% of institutional investors who said the same in 2020.
The growing interest in Bitcoin as a store of value is likely due to a number of factors, including the cryptocurrency’s limited supply, its decentralized nature, and its increasing acceptance by merchants around the world.
Bitcoin Adoption Increasing Among Major Companies
A number of major companies have begun to adopt Bitcoin in recent months, including PayPal, Mastercard, and Square. This is a significant development, as it shows that Bitcoin is becoming increasingly mainstream.
The adoption of Bitcoin by major companies is likely to drive further adoption among consumers and businesses. This could lead to a significant increase in the demand for Bitcoin in the coming years.
Bitcoin is currently trading at a six-week high as the new quarter sees inflows from institutional investors. The growing interest in Bitcoin as a store of value and the increasing adoption of Bitcoin by major companies are two of the main factors driving this positive sentiment.
Bitcoin is still a relatively new asset class, but it is quickly gaining traction among institutional investors and major companies. This suggests that Bitcoin has the potential to become a mainstream asset in the coming years.