💸 Institutional Interest Is Growing in the Crypto Market💸
Bitcoin (BTC) price continues its upward trend since the beginning of 2023. This rise not only affects the cryptocurrency world, but also attracts great attention in the financial arena. This is a sign that cryptocurrencies are now gaining institutional interest and acceptance in the traditional financial system.
Other companies such as MicroStrategy, Square, and Tesla are among the institutional investors investing in Bitcoin. Wanting to keep up with this innovation, Galaxy Digital announced that it will invest 100 million dollars in Bitcoin in the last quarter of 2023. The company explained that this investment reflects its belief in the long-term potential of Bitcoin.
Galaxy Digital Opens Long on Bitcoin and Ethereum
Mike Novogratz's crypto investment firm Galaxy Digital has made a number of positive statements about cryptocurrencies recently, and Novogratz said he also firmly believes that the U.S. Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF this year.
Galaxy Digital took a long position in Bitcoin (BTC) and Ethereum (ETH) on Aave and Compound lending platforms. According to Lookonchain statement on October 28:
He cited Debank data stating that Galaxy Digital deposited 4,168 WBTC (valued at $142 million) and 16,000 ETH (valued at $28.6 million) on the Aave and Compound lending platforms. Borrowed 71.6 million USDT and 21.9 million USDC from Aave and Compound. This latest move by Galaxy Digital may mean that the company is investing on the increasing price of BTC. According to data from Coinglass, Bitcoin has maintained its positive funding rate over the past few days.
As a result, Bitcoin's increasing acceptance among institutional investors raises the possibility of greater integration and adoption of the cryptocurrency world in the future. However, you should always make your investments considering the volatility and risks of crypto assets.
