US institutions account for 85% of Bitcoin buying in ‘very positive sign’

According to Markus Thielen, the head of research and strategy at the financial services firm Matrixport, evidence shows that institutions are not “giving up on crypto” and this is an indicator that we might be entering a new “crypto bull market now.”

The report cited that Bitcoin is up 40% this year, with 35% of those returns occurring during U.S. trading hours, meaning there is an “85% contribution” associated with U.S.-based investors, indicating that U.S. institutions are buyers of Bitcoin right now.