Expert says Bitcoin surges on actual institutional buying, Asian interest, suggesting ETF Bitcoin demand reaching $100 million a day.
The most prominent cryptocurrency, Bitcoin, is up over 13% in its cumulative one-week performance, settling at $34,679. Expert discussions around the outlook of Bitcoin intensified following the digital asset breaking an over 15-month high last week.
In a recent interview on CNBC, Thomas Lee, co-founder of Fundstrat Global Advisors, discussed his bullish outlook on Bitcoin and the factors driving its recent surge in value.
Bitcoin Bull Driven by Geninue Institutional Inflow
When CNBC host Scott Wapner asked if he was still a Bitcoin bull, Lee responded affirmatively, stating, “Yes.”
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Furthermore, he attributed Bitcoin’s impressive performance as one of the best-performing asset classes of the year to several vital factors. Lee pointed out that there has been significant institutional buying, with volumes reaching all-time highs.
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) October 30, 2023
Moreover, he cited that there has been a resurgence of interest from Asian markets, which were previously absent from the Bitcoin scene. The researcher noted that this renewed interest reflects a genuine desire among big-money investors to enter the market.
Furthermore, Lee highlighted the appeal of Bitcoin as a sound money story, particularly in a climate of concern about the U.S. government. Lee believes this quality has contributed to Bitcoin’s rise as a store of value and a hedge against economic uncertainties.
ETF Bitcoin Demand Can be $100M a Day
Also, Wapner inquired about the role of exchange-traded funds (ETFs) in Bitcoin’s growth. Lee acknowledged the importance of ETFs in the crypto space. He argued that their significance may be even greater than many people realize.
Specifically, he pointed out that Bitcoin’s supply is set to decrease significantly to around 12 million a day after the upcoming Bitcoin halving event. In parallel, Lee theorized that the potential demand for Bitcoin through ETFs could be as high as $100 million daily.
Notably, the crypto community fervently awaits the U.S. regulator to greenlight the first Bitcoin spot ETF in the coming months. Interestingly, a recent counterfeit report proclaiming BlackRock’s BTC ETF approval caused Bitcoin to break above $30k after multiple weeks of passive trading around $26k.
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