Delphi Digital: Bitcoin Retail Investors Rebound With Enthusiasm
Analyst firm Delphi Digital notes renewed enthusiasm among retail investors in its latest monthly Bitcoin market report.
In May, Delphi Digital announced that the minimum of bitcoin for the current cycle was probably left behind, and in a new publication it writes that the cryptocurrency has been growing for five months in a row – the longest similar for a series in the last two years..
Delphi Digital points to an increase in Bitcoin-related Google searches and overpayment of the Grayscale Digital Asset Management Company (GBTC) Bitcoin Investment Trust Securities as signs of growing retail investor interest..
Overpayment charts for GBTC and bitcoin prices; Forbes, Delphi Digital
In addition, the report says financial institutions are now also more willing to enter the market when they see the potential for its growth compared to traditional asset classes. However, retail investors remain the decisive force in the bitcoin market, Delphi Digital says..
“The recent parabolic rise in the price of bitcoin has revived ghostly memories of 2017 in us, although the mood has not yet reached this level of drama,” analysts write..
“At the same time, GBTC overpayment has been creeping up since the final sale in Q4 2018. This speaks to a return of enthusiasm among retail investors, at least to some extent, after the severe price cut last year, the company said. – It is curious that at the same time, the institutional demand for GBTC is growing. According to Grayscale Quarterly Report, 75% of Bitcoin Trust capital in Q1 2019 came from institutions. “.
Delphi Digital chose not to predict the potential for Bitcoin price growth, but noted that historically July has been a positive month for the cryptocurrency: “Over its limited history, Bitcoin has tended to perform well in July and has grown by an average of 10% during that month. In all years from 2013 except one (2014) July ended with a price increase “.