Are Institutions Already in the Bitcoin Digital Gold Story?

Bitcoin is trading at $36,786 and posting gains on the 7-day chart after two weeks of consecutive losses. On the 30-day chart, BTC is still down 32.3%. Price action is rising painfully in the current range, but there is no conviction from the bulls. BTC trend down on the daily chart. Source: BTCUSD Tradingview The crypto market looks stagnant after BTC's price drop. The war was fought by short-term holders who sold their coins to their long-term holders, but institutions were mostly absent during the fix. Data from CryptoQuant shows that institutional demand for Grayscale Bitcoin Trust (GBTC) and the launch of Bitcoin Fund in Canada by mutual fund manager 3iQ are declining. As seen below, GBTC saw a negative premium and has been trading at a discount since March 2021. This created discomfort and anxiety for its customers, and Grayscale's parent company, Digital Currency Group, had to intervene. The company had to buy several million GBTC shares. Source: CryptoQuant Unlike Canadian QBTC, GBTC holds its own Bitcoin. QBTC dropped its holdings to 7,980 BTC in early June. This is how you create selling pressure in the crypto market as seen below. Source: CryptoQuant's overall market sentiment is negative despite reports of nation-state adoption. At the beginning of the current week, the BTC price saw a positive development. This coincides with a decrease in GBTC discount from 12% to 7%. Source: As Lex Moskovski, CIO of Glassnode Moskvski Capital, has shown over the past 2 days, the number of addresses accumulating BTC has increased after a period of consolidation. However, the selling pressure has not subsided, as evidenced by the increase in BTC inflows on exchanges. Source: Glassnode via Lex Moskovski Will Bitcoin Bulls Succeed in Pushing the Bears Back? Currently, the Bitcoin price may still be dominated by uncertainty and there may be no clear direction. As a report from State QCP Capital

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