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IPFS News Link • Bitcoin

Bitcoin Nears $24k, Ether Tops $600 As Institutional Adoption Accelerates

•, by Tyler Durden

In addition to Guggenheim giving a $400,000 price evaluation, hedge fund One River Asset Management confirmed on Wednesday that it planned to bring its Bitcoin and Ether holdings to more than $1 billion by 2021.

"There is going to be a generational allocation to this new asset class," Bloomberg quoted CEO Eric Peters as having said.

"The flows have only just begun."

And this has helped push Bitcoin up near $24k...

And Ethereum is topping $650...

Notably, as CoinTelegraph's William Suberg reports, Bitcoin is seeing a new kind of "flippening" above $20,000 as its original whales keep selling their coins to bigger institutional buyers.

Data from on-chain analytics service CryptoQuant shows that despite long-term investors rushing to offload BTC at a profit, buyer demand is still outpacing them.

Analyst: Bitcoin whales "small" compared to new buyers

With BTC/USD continuing to explore new highs, the "original" whales are beginning to look like plankton as institutions line up to buy en masse.

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