Real Vision CEO Raoul Pal believes that the recent fluctuations in bitcoin prices are due to institutions selling bitcoin to help support its year-end profits.
In an interview with The Stakeborg Talks on December 27, the person who has been bullish on Bitcoin told Vlad that he believes that the current market is imbalanced due to institutional influence. Pal said they have been selling to lock in profits. This is a way for an organization to express “I believe it will be profitable.”
Considering that according to Glassnode data, most of the sell-off in December came from wallets hoarding Bitcoin around the summer, and according to Coinshares data, the size of the institution’s crypto asset management (AUM) soared in May and October, the timing of the sell-off is indeed Point to an institution that is partially selling.
“The question now is,’Are they over?” Pal asked.
“It looks like they are over because the market has been fluctuating in the past week, and the last week has always been a week when everyone is sorting out their books.”
Although he predicts there may be further selling in Asia, Pal expects that with the redeployment of institutional capital, 2022 will be a strong start for the crypto market.
Pal believes that by 2022, institutional investors will become increasingly bullish on cryptocurrencies as they begin to better understand the increasing adoption of the technology, and by the end of the decade, “this means how much the market value will increase.”
Noelle Acheson of Genesis Trading shared Pal’s institution’s view that cryptocurrency bullishness will enter 2022. Today, she discussed the institutional trends in 2021 on CNBC’s Squawk Box program and pointed out some potential bright spots in 2022.
“The institutional growth in the past 12 months has been phenomenal. We see that through direct investment and investment in the crypto market infrastructure companies themselves, there are strong signs that this growth will accelerate next year.”
Bitcoin is currently down about 3.5% in the past 24 hours and is trading at $47,954 as of this writing.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/raoul-pal-as-the-end-of-the-year-approaches-the-institutions-have-ended-their-profits/
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