Demand and supply metrics determine the price of an asset and data from Glassnode, an on-chain data firm, shows that Bitcoin’s (BTC) liquid supply has been decreasing since June 2020. This signals that traders owning Bitcoin are not selling their holdings.
While the supply is shrinking, demand has been going up in the past few months as an increasing number of institutional investors have been buying Bitcoin.
Bloomberg recently reported that Morgan Stanley Investment Management’s subsidiary Cointerpoint Global “is exploring whether the cryptocurrency would be a suitable option for its investors.”
According to Morgan Stanley’s website, Counterpoint Global chooses to invest in assets “whose market value can increase significantly for underlying fundamental reasons.” This suggests that the bank believes Bitcoin may be undervalued compared to its fundamentals.
Crypto market data daily view. Source:Coin360
JPMorgan Chase also hinted that it might eventually introduce Bitcoin services. JPMorgan’s co-president Daniel Pinto believes that if investors and asset
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