CCTV's financial report hits a record high. What is the important driver of Bitcoin's rise?
CCTV Finance "Punctual Finance" column video
textAfter testing the patience of investors for three weeks,image description
BTC/USDT weekly chart
BTC/USDT weekly chartOn a year-to-date basis, Bitcoin is up over 180%, but gold is up just over 22%.
According to data from the World Gold Council, global gold ETF holdings fell for the first time in a year in November, and it was the second highest monthly net outflow in history. Meanwhile, gold prices fell for the month, posting their worst monthly performance in four years. Industry insiders believe that the hot market of digital assets led by Bitcoin has dispersed the market's enthusiasm for gold trading.
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The trend of the candle chart represents the trend of gold, and the trend of the line chart represents the trend of BitcoinAfter hitting its all-time high in December 2017, the price of Bitcoin quickly fell to $5,947.40 in just two months. At that time, the market widely attributed the rise of Bitcoin to the increase of active retail investors; while the current round of Bitcoin price rise is more driven by institutional funds. Bitcoin has doubled in value over the past three months,
The institutional-led rally looks sustainable for now.https://bitcointreasuries.org/
As of December 17, 23 companies around the world publicly held a total of 888,900 bitcoinsAmong institutional funds, Grayscale Bitcoin Trust occupies a leading position.Grayscale Bitcoin Trust has continued to increase its holdings this year. The current total holdings have exceeded 546,000 BTCs, of which 115,236 BTCs were added in the fourth quarter of this year, equivalent to 2.2 billion US dollars.
As of December 16, the position data of Grayscale Trust has changed as follows: The position of Grayscale BTC Trust has increased by 3628 (+0.64%), and the total position is 569261 BTC; the position of Grayscale ETH Trust has decreased by 201 (-0.01%) , with a total open interest of 2,940,142 ETH.Compared with the last bull market of Bitcoin in 2017, the current trading, settlement and custody services are more mature, and there is more infrastructure for institutions to invest in. The impact of the epidemic and the surge in demand for hedging under the "release" of global monetary policy are also important drivers of Bitcoin's recent surge.
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