Survey Says! Institutional Investors Are Still Bullish On Bitcoin

Bitcoin has seen losses in the past day after a rejection north of the $40,000 resistance. At the time of writing, the first cryptocurrency by market cap trades at $37,598 with a 5.6% loss in the 24-hour chart. In the weekly chart, Bitcoin records a 21.1% profit due to a short squeeze that left traders with short positions in shambles. On the derivatives sector across all platforms, analyst Willy Woo recorded $1 billion in liquidations on July 26th. Most of the liquidations took place on exchange Bybit with $413 million liquidated, followed by Huobi with $213 million, OKex with $207, Binance with $111 million. The general sentiment in the market flipped bullish after the short squeeze which Arcane Research classified as “one for the history books”. When the price of Bitcoin jumped from $34,000 to $39,500 was bigger than the one seen in December 2017 when BTC reached $20,000. Many experts and traders have flipped bullish. The Fear & Greed Index has gone up from Extreme Fear and now sits around the Fear area. Despite the recent bullish price action, others wonder if there are enough elements that will sustain it. Additional data provided by Arcane Research indicates that institutional interest, one of Bitcoin’s main catalyzers, remains high. According to two surveys, one conducted by Goldman Sachs and the other by Fidelity, there is an “overall positive sentiment towards crypto” among these inst...