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.