Bitcoin price eyes $96K as institutions absorb 500% of daily BTC supply
In past instances, BTC has averaged 24% gains in one month when institutional demand absorbed over 500% of the daily mined supply.
Bitcoin (BTC) may rally toward $96,000 by June as institutions absorb more than five times the daily mined BTC supply, according to Capriole Investments founder Charles Edwards.
In a Monday post, Edwards said institutions have been “slurping up 500%+ of Bitcoin’s daily mined supply.”
BTC/USD daily chart vs. institutional buying market cap. Source: Capriole Investments