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Tomiwabold Olajide

Hedge funds pour billions of dollars into cryptocurrency, bringing BTC back to $40,000

According to recent reports, some of the largest hedge funds are increasing their holdings in cryptocurrencies. Brevan Howard Asset Management LLP and Tudor Investment Corp are among the companies indicated. Bitcoin rebounded to intraday highs of $40,251 from lows of $38,244 on March 11. At the time of publication, Bitcoin was trading at $3,987, up 2% in the last few hours.

Institutional investors traded $1.14 trillion in cryptocurrencies in 2021, up from 2020’s figure of $120 billion and more than twice the $535 billion traded by ordinary investors, reports indicate.

Whales or institutional buyers have moved substantial amounts of BTC in the last 24 hours. As reported by U.Today, nearly 30,000 BTC have been shifted in the last 24 hours. Three crypto transactions carrying massive amounts of BTC have been detected by popular crypto tracking service WhaleAlert.

According to several tweets published by the platform, over the past 10 hours, several substantial lumps of Bitcoin (each carrying close to 10,000 BTC) have been withdrawn from the publicly traded U.S-based crypto exchange Coinbase. The total amount of crypto shifted to anonymous wallets comprises over $1.17 billion.

Institutional investors to drive Bitcoin price up

Swiss Bank SEBA CEO Guido Buehler suggested that institutional funds would probably help drive the BTC price up, as U.Today reported.

He further stated that his firm’s models see Bitcoin rising to $75,000 in 2022. Bitcoin trades up at $41,460 at press time, after a rebound from earlier lows of $40,800. Bitcoin remains down nearly 40% from all-time highs of $69,000 attained on Nov. 10, 2021.

“We believe the price is going up, our internal valuation models indicate a price right now between $50,000 and $75,000, I’m quite confident we are going to see that level. The question is always timing,” the CEO stated.

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