According to the strategist of the investment bank Nikolaos Panigirtzoglu, the demand for digital assets among large investors began to decline back in April this year.
In April of this year, when bitcoin peaked at $ 64.8 thousand, the interest of institutional investors in cryptocurrency began to decline.
This was announced in an interview with CNBC by the strategist of the investment bank JPMorgan Nikolaos Panigirtzoglu. According to him, the interest of institutions in digital assets reached zero in May after the collapse of bitcoin to $ 30 thousand.
Panigirtzoglu notes that in April there was also an outflow of capital from bitcoin to alternative coins such as Ethereum.
After the correction of the crypto market in May, the situation changed, as indicated by the growth of the share of bitcoin, the strategist added.
Analytical company Glassnode provided similar data in its report. Analysts point out that institutional investors’ interest in bitcoin has declined, as evidenced by the discount at which Grayscale Bitcoin Trust shares are traded: they can be bought cheaper than bitcoin itself, which was not the case before, since investors paid a premium to buy a stake in the fund.
The Grayscale Bitcoin Trust functions similarly to an ETF, but is not registered with the US Securities and Exchange Commission (SEC), so only accredited investors have access to it.