Posted 3 months ago | by @devadmin
Nigel Green, the CEO of U.K.-based financial firm DeVere Group, has stated in a recent blog post that his company sold 50% of his bitcoin holdings over Christmas as Bitcoin reached new all-time highs. Meanwhile, other institutional investors Three Arrows Capital and Bitwise have doubled down on their investments into cryptocurrency with the latter seeing its overall digital assets holdings managed to surge to $500 million dollars.
In a blog post late last week, Green stated that DeVere Group sold its Bitcoin BTC at around $25,000 per coin. Green sold half his holdings, explaining, “it’s better to sell high and re-buy in the dips.”
“The steady gains in the price of bitcoin has made the digital currency the top-performing asset of 2020, up over 200%. As such, I felt the time was right for profit-taking,” he said.
However, the CEO expressed that his decision to sell BTC was “not due to a lack of belief in Bitcoin, or the concept of digital currencies.” “I believe that the future of money is cryptocurrencies,” he wrote, adding that the longer-term price trajectory for bitcoin is “undoubtedly upwards.”
DeVere Group also estimates that nearly three-quarters of high-net-worth people will invest in some form of cryptocurrency before the end of 2022, according to the announcement by DeVere Group.
Well, that might already be starting. While Devere Group sold half of its unknown holdings of BTC, other investment firms like Bitwise, Three Arrows Capital, and SkyBridge Capital have doubled down in BTC. Bitwise Asset Management a leading provider of crypto index funds, has announced recently that its 10 Crypto Index Fund (OTCQX: BITW), which seeks to track an index of the 10 largest crypto assets—including Bitcoin, Ethereum, and Litecoin—has seen the strongest demand, recently crossing over $400M in AUM, PR News Wire reported.
That’s an increase of $400 million from its previous all-time high of $100 million AUM invested in just October 2020.
The press release further notes that the Bitwise Bitcoin Fund and Bitwise Ethereum Fund—which gives an investor low-cost, professionally managed exposure to Bitcoin and Ethereum, has also seen increased demand as well.
“The speed at which professional investors are moving into crypto right now is remarkable,” said Hunter Horsley, cofounder and Chief Executive Officer of Bitwise. “While adoption of crypto as an asset class and conviction around its role in portfolios rapidly expands, we continue to urge all investors to consider the risks associated with investing in cryptocurrencies in general and the Bitwise Funds in particular.”
If that’s not enough to get the bulls roaring, indicating higher prices are in store for crypto. Then Three Arrows Capital disclosing its more than $1 billion positions in Grayscale’s Bitcoin Trust (GBTC) in a new filing submitted to the U.S. Securities and Exchange Commission, should be. As The Block reports, that’s a current position that represents 36,969 Bitcoin, or 6.1% of GBTC’s holdings.
Lastly, SkyBridge Capital, Anthony Scaramucci’s firm has also recently launched a Bitcoin-focused fund worth $300 Million after a surge of interest in cryptocurrencies in 2020. As 2021 goes on this year will be known as the year that institutional investors drive the Bitcoin price to new highs.
It’s finally happening, but remember Bitcoin is a market cycle and while euphoria will last a while, it won’t last forever. Bitboy Crypto and Ben Armstrong, predict that the end of the cycle will be some time in September 2021. However, we could be wrong and this cycle could defy every last cycle as institutional money is now flowing into the markets and Bitcoin is growing up becoming a much larger market.
Bitcoin is currently trading at [FIAT: $31,286.29] DOWN -7.2% in the last 24 hours according to Coingecko at the time of this report.