FOMO

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-approaches-100000-as-institutional-interest-grows/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Approaches $100,000 as Institutional Interest Grows</a><br></p>
<p style="text-align: justify">Bitcoin has seen a rise of approximately 3% in the last 24 hours, nearing the $100,000 mark, following a decline earlier in the week. This upward movement indicates ongoing institutional interest in the <a href="https://en.coin-turk.com/mastercard-introduces-new-card-for-spending-with-bitcoin-and-cryptocurrencies/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a>.</p>
<h2 id="institutional-interest-continues">Institutional Interest Continues</h2>
<p style="text-align: justify">The increase in Bitcoin’s value is largely supported by the interest from institutional investors. Spot Bitcoin exchange-traded funds (ETFs) in the U.S. continue to accumulate assets. Although some profit-taking occurred on Monday and Tuesday, it was observed that a total of half a billion dollars exited the funds.</p>
<p style="text-align: justify">Currently, U.S. funds hold 1.074 million BTC, which corresponds to 5.118% of a total of 21 million Bitcoins. This situation reflects the high trading volumes of ETFs in their early stages. The current trend exhibits consistent growth.</p>
<h2 id="new-capital-needed-for-altcoin-growth">New Capital Needed for Altcoin Growth</h2>
<p style="text-align: justify">CryptoQuant’s CEO, Ki Young Ju, stated that altcoins require new capital from retail investors to achieve significant growth. The focus of institutional investors on Bitcoin and large <a href="https://en.coin-turk.com/optimism-sees-record-profit-levels-and-trading-volume-surge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">altcoin</a> ETFs hinders the growth of smaller altcoins.</p>
<blockquote>
 <p>For altcoins to reach a new market cap record, significant new capital influx into <a href="https://en.coin-turk.com/regulators-sign-major-legal-settlements-with-crypto-companies-in-2024/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto</a> exchanges will be necessary. If retail FOMO for Bitcoin revives, exchange user activity could increase, setting the stage for an altcoin season. However, Bitcoin’s future growth is expected to be supported by ETFs, institutions, and possibly governments.</p>
</blockquote>
<p style="text-align: justify">Ju emphasized that altcoins need to develop independent strategies to attract new capital instead of relying on Bitcoin’s momentum. He maintains his belief in altcoins but noted that an altcoin season may only occur for a few, and not every altcoin will surpass its previous record.</p>
<p style="text-align: justify">To sustain growth, it may be essential to regain retail investor interest in altcoins. The continued focus on Bitcoin by institutional players could influence market dynamics significantly.</p>
<p>The post <a href="https://en.coin-turk.com/bitcoin-approaches-100000-as-institutional-interest-grows/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Approaches $100,000 as Institutional Interest Grows</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Bitcoin Approaches $100,000 as Institutional Interest Grows

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