Institutional money remains lined up and ready to pounce into the crypto market like a Black Friday buy one get ten free on Mint Milano cookies sale. But they’re waiting for the doors to open and to follow some rules before they can dive in.
Case in point: via Bloomberg, the NASDAQ is waiting for regulatory clarity and institutional adoption before it would commit to its own cryptocurrency exchange but would instead focus on custody and keeping people’s assets safe.
But some of the more speculative and aggressive institutional investors have been busy despite Bitcoin’s performance. On-chain analytics data from Santiment shows large ‘whale’ holdings of the stablecoin Tether ($USDT.X) are falling while wallets holding between 100 and 10,000 Bitcoin have pulled over 46,000 BTC off exchanges. A sign of accumulation.
At the same time, Bitcoin’s hash rate just hit a new all-time high. Don’t know what a hash rate is? That’s fine. All you need to know is that when the hash rate increases, it is often a precursor to Bitcoin’s ($BTC.X) price increase as well. Not all the time, but historically that is the case.