Connect with us
Active Currencies 14771
Market Cap $2,545,197,356,518.00
Bitcoin Share 51.23%
24h Market Cap Change $-0.84

The reason why Bitcoin market is looking strong despite ‘sluggish summer’

2min Read

Share this article

Bitcoin had a volatile run in the last 13 years, with a recent all-time high of $67,000. Going forward into Q4, many analysts have maintained a bullish outlook. In a recent podcast, Grayscale’s Head Of Research David Grider, touched upon the reasons why the Bitcoin market is looking strong after a somewhat “sluggish summer.”

Grider commented on the “seasonality” of the market. He added that the “last few months have been stronger quarters for crypto’s most years in existence.” One of the reasons, according to him, for the strength of the market is managers allocating crypto in the portfolios.

Apart from that, ETF approval and increased adoption are playing a major role, he added. In another CNBC interview, Kris Marszalek, co-founder, and CEO of agreed that the market remains “super strong” on the back of increased institutional adoption.

According to CoinShares’ Digital Asset Fund Flows Weekly, as of 25 October, digital asset investment products saw record-high cumulative inflows of $1.47 billion in the week.

Additionally, total assets under management reached an ATH of $79.2 billion during the week. The report also stated that a major reason for record inflows remained the approval of Bitcoin-focused ETFs.

Grider also agreed that ETF is the ‘hype’ story over the last month, instead of the larger macroeconomic environment. However, he reiterated that the macro fundamentals matter a lot in the long run. He said it’s not the only factor, adding,

“Obviously crypto is an uncorrelated asset because the returns have been so strong.”

Meanwhile, it is worth noting that Grider also expects significant capital reallocation within the crypto market in the future. In terms of valuation, Grider estimated the total investable global asset base to be “a little north of 300 trillion.”

As far as the coming quarter is concerned, several financial experts see Bitcoin reaching the $100,000 mark. Previously, PlanB, who has made several accurate predictions in the past, had also put a bet on $100,000.

Further, many think that macro factors like inflation are the reason to accumulate Bitcoin. CNBC’s Jim Cramer recently said,

“At the end of the day, I’ve said repeatedly that you can use Bitcoin or Ethereum as a hedge against inflation, up to 5% of your savings, as a replacement for gold.”


Shraddha is a full-time journalist at AMBCrypto. She has a keen interest in personal finance and wealth generation. Her primary focus is on the cryptocurrency space's applications for investment vehicles and portfolios
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.