Wall Street giant Guggenheim joins the game, and Bitcoin investment appeal grows rapidly

BTC traded sideways with reduced volume during the day and fell slightly in the evening.

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On November 30, Deribit reported that the Guggenheim Macro Opportunities Fund under Wall Street giant Guggenheim Partners has obtained the right to invest $500 million in the Grayscale Bitcoin Trust. This news triggered a large amount of buying activity in the options market, which may drive the recovery of Bitcoin.

Previously, on November 27, Guggenheim Partners pointed out in a document submitted to the US SEC that the company may invest 10% of its Macro Opportunities Fund (about US$500 million) in Bitcoin through the Grayscale Bitcoin Trust. In addition, in addition to Guggenheim Partners, another institutional investor SkyBridge Capital (a world-renowned hedge fund company) has recently expressed its intention to add Bitcoin as an emerging asset class. According to relevant news, the company is also applying to the SEC for a fund that provides digital asset exposure.

Cointelegraph and Crypto Research Report also recently jointly released a landmark research report, which studied the investment in the crypto market by 55 major investment institutions, including pension funds, insurance companies, banks, etc. The report pointed out that more than 30% of asset managers in these institutions have invested in crypto assets, and among the other 64% of asset managers, 39% of the respondents intend to include it in their investment plans. They believe that Bitcoin has performed significantly better than stocks and even gold in recent years.

Huobi Research Institute believes that the Wall Street giant Guggenheim plans to invest in Grayscale Fund and SkyBridge Capital plans to hold long and short positions in digital assets, which means that more and more institutional investors are beginning to pay attention to and enter the cryptocurrency trading market dominated by Bitcoin. At present, the investment logic of institutions is still macroeconomics. The logic of most American billionaires and institutions buying Bitcoin is to hedge against inflation. That is, the epidemic has driven the economy down, and the Federal Reserve's printing of money has led to a global flood. The natural scarcity of Bitcoin has been favored by capital. Before this fundamental logic changes, Bitcoin will receive a steady stream of capital inflows. However, research reports from Cointelegraph and Crypto Research Report show that there are still many investment institutions that are planning and have not yet entered the market. From the current point of view, Bitcoin still has a lot of room for appreciation.

Market Analysis

BTC traded sideways with reduced volume during the day and fell slightly in the evening

According to the data from Huobi trading platform, after a slight rise in the morning, BTC has been trading sideways at 18540 with a reduced volume during the day, and then slightly dropped in the evening. The current minimum has fallen to 18340.52 USDT, which is basically back to 1/2 of the morning increase. From the one-hour level, BTC's trading volume has been relatively sluggish recently, but it is in an upward trend overall, and basically after a slight rise, it is accompanied by a period of sideways consolidation. From the daily level, BTC has ushered in three consecutive positive days, basically returning to 2/3 of the decline in the previous few days. In the evening, continue to pay attention to the changes in trading volume and the breakthrough of the upper edge of the consolidation range of 18630 ​​and the support of 18200 below.

According to the data from Huobi trading platform, after ETH rose sharply last night, it was trading sideways at 585 during the day, and fell slightly in the evening, with the lowest price reaching 570.72USDT, which basically returned to 2/3 of the previous increase. From the one-hour level, the recent market is relatively healthy, and after each wave of rising market, there is a short period of sideways trading to digest the previous increase. From the daily level, ETH also ushered in 3 consecutive positive days today, basically returning to 3/4 of the previous decline. In the evening, continue to pay attention to the changes in trading volume and the breakthrough of the upper edge of the consolidation range of 588 and the support of 550 below.

In terms of contracts, Huobi contract big data shows that BTC contract holdings have increased slightly, contract trading volume has decreased slightly, and the contract market is not active. The basis of delivery contracts has increased slightly, and the funding rate of perpetual contracts is relatively stable.

ETH contract holdings increased slightly, contract trading volume decreased slightly, and the contract market was inactive. The basis of delivery contracts decreased slightly, and the funding rate of perpetual contracts was relatively stable.

The price of USDT in Huobi Global OTC market is 6.48 yuan.

According to Huobi Research Center data monitoring, today's DeFi total locked volume (TVL) rose slightly to $16.8 billion, and the real locked volume rose slightly to $11.23 billion. Among them, the top projects all rose to varying degrees, with Synthetix rising the most, reaching 10.11%. Today's total Defi trading volume rose slightly, reaching $468 million. Among them, Curve rose the most, reaching 84.38%.