Editors Note: This article comes fromBlocklike（ID：iblocklike）, reprinted by Odaily with authorization.
Editors Note: This article comes from
, reprinted by Odaily with authorization.On March 10, Bitcoin broke through $55,000 again in the morning.The blessings of major institutions have contributed to this. In the United States, Bitcoin is being introduced into mainstream asset allocation, mainly including institutions represented by Tesla.In Asia, Meitu fired the first regional shot.On March 7, Meitu, a Hong Kong-listed company, announced that it had purchased USD 22.1 million in Ethereum and USD 17.9 million in Bitcoin in open market transactions on March 5, 2021, at a cost of approximately RMB 260 million. This makes Meitu the first Chinese listed company to publicly announce its large purchases of Bitcoin and Ethereum.The industry generally believes that due to the impact of Meitu, there will be an increase in the number of Hong Kong-listed companies buying cryptocurrencies in the future. This made a case for the subsequent entry of domestic institutions into cryptocurrencies, and also brought Ethereum into the vision of strategic reserves of large institutions.
From a regional perspective, behind the active entry of these institutions is a shift and change around BTC chips. The purchase of cryptocurrencies by listed companies has spread rapidly from Wall Street. From North America to Asia, a route for the transfer of BTC assets between institutions has become clear.
There is more than one beautiful pictureFaced with the latest developments in Meitu, Binance Exchange founder Changpeng Zhao tweeted: Many Asian companies already own Bitcoin, they just dont make it public.Indeed, the current Meitu has been labeled a “Hong Kong version of Tesla.” Some time ago, many listed companies in the United States, the United Kingdom, Germany and other countries and regions chose cryptocurrencies for asset allocation.Among them, Meitu’s BTC holdings ranked 12th, and the top-ranked listed companies mainly include the well-known MicroStrategy, Tesla, Galaxy Digital Square, etc., as well as a large number of Bitcoin mining institutions in North America.In this website, the data update time is mostly concentrated in the second half of 2020, and the data sources are mostly the public information of the market and various companies.
(Data source: BTC position ranking website KevinRooke)The mainstream view is that, starting in August last year, the market conditions brought by institutions have gradually exploded. NASDAQ-listed business intelligence software MicroStrategy announced its entry into the Bitcoin market, becoming an important indicator in the market. The SEC (United States Securities and Exchange Commission) and the audit department approved MicroStrategy to include Bitcoin into its balance sheet. This means that under the supervision of the SEC, Microstrategy can learn from the way of buying Bitcoin as a balance sheet and complying with the accounting and legal standards disclosed by listed companies.Driven by listed companies such as Tesla and MicroStrategy, more and more listed companies in North America have begun to follow suit. Some traditional listed companies have begun to turn to Bitcoin at the business level and asset reserve level. Soon, payments company Square followed suit, investing 1% of the companys total assets in Bitcoin. In late October of the same year, PayPal also announced its official entry into the bitcoin industry, allowing users to directly purchase cryptocurrencies such as bitcoin.The number of U.S. listed companies interested in Bitcoin continued to increase in February this year. According to recent SEC documents, the U.S. listed company Immersion Technology (code: IMMR) indicated that it may choose to buy Bitcoin and other encrypted assets in the future; Urban Tea, the parent company of Nasdaq-listed Chinese tea brand Mingyuntang, also announced that it will launch a key strategic expansion in blockchain and encrypted asset mining.Many actions show that Bitcoin is no longer limited to small-scale capital participation. Institutional entry, asset hedging, hedging and arbitrage, coupled with a loose monetary macro environment. On Wall Street in the United States and North America, encryption and traditional financial markets were first linked.It can be seen that in this round of big market, large institutional investors played a very important role, and it is also an important factor for Bitcoin to complete its historical breakthrough. To some extent, institutional investors and high-net-worth individuals have led the market, and they tend to be more inclined to hold Bitcoin for a long time.
The chief economist at Chainalysis once believed that the market was driven by North American institutional investors. North American exchanges have seen a net inflow of bitcoin from the rest of the world, with exchanges sending a 19 percent increase in transfers worth $1 million or more this year, according to data. Over the past year or so, the Bitcoin holdings in Asia have decreased by more than 400,000, while the North American region (represented by the United States) has increased by more than 600,000.
(Image source: BeatleNews)According to a Reuters report on the 2020 encryption market trends, last year, a surge in interest from institutions in North America drove a shift in bitcoin trading and became the largest participant in last years round of gains. At the same time, the number of Asian investors, who have been the main driver of bitcoins price rise in 2017, is declining. North American investors were the biggest players in last years gains. After a large number of institutions entered the market, American investors have gradually become less worried about compliance.A large part of the community believes that the fundamentals of BTC are positive, and the pricing power of BTC is shifting to Wall Street.
Asian agency channel is openingIs it time for Asian institutions to enter the market?As the price of Bitcoin continues to break through, capital strength is still attracting more listed companies and institutions to join the Bitcoin market. In the face of the enthusiasm of overseas institutions for Bitcoin, Asian institutions have also begun to take action.On March 4, Huobi Technology Holdings Co., Ltd. issued an announcement saying that its wholly-owned asset management subsidiary, Huobi Asset Management, was approved by the Hong Kong Securities Regulatory Commission to issue funds with 100% virtual assets. Huobi Asset Management will issue three virtual asset funds: Bitcoin Tracking Fund, Ethereum Tracking Fund and Multi-Strategy Virtual Fund.Du Jun, the co-founder of Huobi, publicly stated: In the United States, institutions represented by Tesla are gradually introducing Bitcoin into mainstream asset allocation. In the last step, Nasdaq is also attracting blockchain companies to join, which will affect the Asian region and also affect the development trend of the blockchain industry. This shows that blockchain and digital asset investment are gradually entering the mainstream.From the perspective of the industry, this is a typical Asian interface between traditional capital markets and digital assets. There is a view that the China Securities Regulatory Commission approved Huobi to launch a virtual currency fund. This inspiration may come from the worlds first Bitcoin ETF (BTCC), from Grayscale in the United States to Purpose and Evolve in Canada, and then to Huobi in Asia. Cryptocurrency is crossing the market and transforming into a mainstream investment target, which has also made Asian institutional investors re-examine this type of asset.On March 9, Malaysias BCMG Genesis also announced the launch of the Bitcoin Fund (BGBF-I). According to officials, this was launched in response to the growing demand for institutional encryption products in Southeast Asia, with IBH Investment Bank serving as the main advisor to the fund.After the gray effect spread to Wall Street, the actions of Asian institutions have also become an important direction of observation for the market. The launch of bitcoin and ethereum fund products will attract more traditional funds, thereby boosting the prices of mainstream projects.Li Lianxuan, chief researcher of Okey Cloud Chain, believes in public comments that Meitu’s purchase of cryptocurrency is the follow-up effect caused by Tesla’s previous investment in cryptocurrency.
