Meltem Demirors, the chief strategy officer (CSO) at digital asset manager CoinShares, says institutional investors appear to be betting on an upcoming Bitcoin (BTC) rally.
In a new interview with CNBC, Demirors notes that investors have been putting money into Bitcoin investment products lately.
“If we look at flows into Bitcoin products, we have seen six straight weeks [inflows].
In August we saw a slight increase in capital flows, after which we traded very flat, very low volumes.
TOver the last six weeks we’ve seen a lot more activity, a lot more trading volume. We are now at $760 million in flows into Bitcoin products in 2023. We have surpassed 2022 levels. So I think these are all indicators that institutional buyers are starting to position themselves around Bitcoin potentially rising at the end of the year and into the first quarter of next year. years.”
Demirors also says she thinks the U.S. Securities and Exchange Commission (SEC) will approve a Bitcoin spot market exchange-traded fund (ETF) by the end of the year. However, she notes that it will likely take some time for capital to flow into a Bitcoin ETF if the SEC approves the long-awaited Bitcoin investment product.
“I think there is a lot of enthusiasm. The question is how quickly these flows will manifest themselves. I think it might take a few quarters, but again, there’s just a huge demand.”
Bitcoin is trading at $37,369 at the time of writing.
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