Institutional interest in BTC has dropped drastically over the past month, with these investors waiting for Bitcoin to hit $30,000 again before jumping back in.
JPMorgan believes that BTC hitting $60,000 is only attractive to retail traders, with the professional ones not ready to commit at such high prices.
The 2021 Bitcoin bull run has largely been attributed to the rise of institutional investors. Be it global giants like Tesla, Ruffer and Microstrategy or family offices and hedge funds, the professionals have trooped into BTC in the past year in their droves. However, according to JPMorgan, there has been a sharp drop in institutional interest in the past few months. And to lure these investors back into the market, Bitcoin will have to drop to $30,000 again.
Institutional players had stayed away from the crypto for years despite the rise of BTC to a then-record at $20,000. However, led by Michael Saylor, an unrelenting Bitcoin bull, bigger players have become more comfortable w