In today's Quicktake, we focus on historical data that strongly suggests institutions are entering the 2024 bull market. During the 2021 bull market, there was a surge in Exchange Depositing Transactions, with a below-average reading in Mean Exchange Inflow. This indicates that retail investors were speculating on price, with not much activity from large institutions.

The 2022 bear market led to a decline in Exchange Depositing Transactions and retail interest. However, in the later part of 2023, the Mean Exchange Inflow began to slowly trend higher, even with a continuing decline in Exchange Depositing Transactions. This suggests that larger players started entering the market, causing the Mean Exchange Inflow to rise.

The consistent downtrend in Exchange Depositing Transactions indicates that retail investors have not yet entered Bitcoin. Google search trends show a low reading on Bitcoin, despite the price nearing the all-time highs in 2021.

Spot ETF flows are expected to influence the Mean Exchange Inflow metric, as a lot of volume is traded through Spot ETFs. The Mean Exchange Inflow metric is anticipated to continue trending higher, as more investors enter Bitcoin through ETFs as the bull market continues.

The trend of this data, along with new records in CME BTC Futures Open Interest, suggests further upside for Bitcoin.