Retail and institutional Bitcoin flow balance out
Investment bank JPMorgan carried out an analysis of the Bitcoin flow from institutional and retail investors. The bank's findings indicated that retail and institutional Bitcoin flow balanced out in the first quarter of 2021.JPMorgan tracks retail Bitcoin flow via the Square and PayPal platforms while it gets its institutional data from CME Group's bitcoin futures market. According to its report, the retail market recorded a massive acceleration in the current quarter compared to the previous quarter. Meanwhile, institutional flow remained flat over the last two quarters.
The investment bank said the institutional flow of Bitcoin was higher in the fourth quarter of 2020 while retail investment was low. However, "the flow picture has been more equally balanced between retail and institutional investors in the current quarter echoing Q3 2020," JPMorgan added.
According to JPMorgan, the "flow" describes the bitcoin purchases from the mentioned sources, indicating activity from services that cater to the institutional and retail investor bases. The data highlights a measure of activity from the two channels.
The data showed that itBit's daily trading volume (which JPMorgan uses as a proxy for PayPal) was up by nearly 100% from the fourth quarter of 2020. The same thing applies to Square, which saw its transaction volume double from Q4 2020 to Q1 2021.
Massive flow pushes Bitcoin's market cap past $1 trillion
Bitcoin's market cap has rallied alongside its price over the past few months. The market cap surpassed the $1 trillion mark earlier this year, as Bitcoin's price rallied past the $50,000 mark to reach $61,000 last weekend.The total cryptocurrency market's cap is now approaching $2 trillion as Bitcoin, and several other cryptocurrencies attain new all-time highs.
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