Bitcoin Sees Strong Institutional Buying Ahead of Year-End

Bitwise CIO Matt Hougan predicts that Bitcoin will end the year significantly higher. According to him, bad news has stopped moving the market, and the sellers are gone. This, he believes, marks the bottom.

Hougan also pointed out that institutional exposure to Bitcoin has continued to grow. The amount of Bitcoin allocated by institutions under a conventional 1% portfolio-allocation framework has effectively risen to between 4% and 5%, he said.

Data from blockchain analytics platform Santiment shows that the number of wallets holding at least 10,000 BTC is rebounding to a six-month high. This represents a net increase of six such wallets over the past eight weeks, or a 7.1% rise.