Raoul Pal believes institutions have finished taking profits as year winds up

Raoul Pal suggested that profit-taking by institutions was the likely reason for recent Bitcoin sell-offs but that the selling is likely done for now.

12850 Total views

49 Total shares

Raoul Pal believes institutions have finished taking profits as year winds up

Real Vision CEO Raoul Pal believes the recent volatility in Bitcoin’s (BTC) price is due to institutions selling to help shore up their end-of-year profits. 

The perennial Bitcoin bull told Vlad from The Stakeborg Talks in a Monday interview that he believes the market is currently lopsided due to the effect of institutions. Pal said that they have been selling to lock in their profits. It was a way for institutions to say, I believe in getting paid.

— StakeBorgDAO (@stakeborgdao) December 26, 2021

Considering that much of the selling in December has come from wallets that accumulated Bitcoin around the summer, according to Glassnode, and that institutional assets under management of cryptocurrency surged in May and October, according to CoinShares, the timing of the selling indeed points to institutions unloading some bags.

“Now the question is, ‘Are they done?’” asked Pal.

“It looks like they’re done because the market has been chopping around for the past week, which was the traditional last week of everybody squaring their books.”

While he predicts that there could be further selling out of Asia, Pal expects 2022 to begin with a strong start for the crypto markets as the capital from institutions gets redeployed.

Pal believes that institutional investors will become increasingly bullish on cryptocurrency through 2022 as they begin to better understand the ever-increasing adoption of the technology “and therefore what that implies in market cap” by the end of the decade.

Related: Analysts say 2022 will be ‘defined by agility and cost-efficiency’ instead of ‘blockchain purity’

Noelle Acheson from Genesis Trading shared Pal’s insights on institutional bullishness on crypto going into 2022. She discussed institutional trends from 2021 and pointed out some potential highlights for 2022 on CNBC’s Squawk Box on Wednesday.

“The institutional growth over the past 12 months has been astonishing, and we’re seeing strong signs of that accelerating through next year both through direct investment and through investment in crypto market infrastructure companies themselves.”

Bitcoin is currently down about 3.5% over the past 24 hours and trading at $47,954 at the time of writing.

Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here

Related Posts
Gram altın fiyatları yükselişte! 27 Aralık çeyrek altın fiyatları thumbnail

Gram altın fiyatları yükselişte! 27 Aralık çeyrek altın fiyatları

Gram altın fiyatı, şu dakikalarda 658 lira seviyesinde hareket ederken; ons altın fiyatı ise aynı dakikalarda 1803 dolar seviyesinde bulunuyor. Altın fiyatları, Covid-19'un Omikron varyantına dair endişelerin artmasıyla geçtiğimiz haftayı değer kazancıyla tamamlarken; Noel tatili öncesinde yatırımcılar altın pozisyonlarında alım tarafına geçiyor. Ons altın bugün içerisinde en yüksek 1811 dolar seviyesini görürken; en düşük ise 1803 dolar seviyesini gördü.…
Read More
8 reasons why digital transformations fail thumbnail

8 reasons why digital transformations fail

Digital transformations can go off the rails in the best of times, but the past two years have wreaked additional havoc since employees began working remotely. Timing being what it is, though, with organizations hyperfocused on digitization, it’s more important than ever to address issues and fix problematic projects. Organizations can’t afford to fail at
Read More
Microsoft stock: What analysts think of paper in December thumbnail

Microsoft stock: What analysts think of paper in December

Um Ihnen die Übersicht über die große Anzahl an Nachrichten, die jeden Tag für ein Unternehmen erscheinen, etwas zu erleichtern, haben wir den Nachrichtenfeed in folgende Kategorien aufgeteilt:Relevant: Nachrichten von ausgesuchten Quellen, die sich im Speziellen mit diesem Unternehmen befassenAlle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffenvom…
Read More
Dow Jones Newswires: AB Foods backs FY 2023 view as revenue rises on better-than-expected consumer spending thumbnail

Dow Jones Newswires: AB Foods backs FY 2023 view as revenue rises on better-than-expected consumer spending

Associated British Foods PLC ABF, +0.48% said Tuesday that revenue for the first 16 weeks of fiscal 2023 rose on year after better-than-anticipated consumer spending despite increasing cost pressures, and backed its full-year expectations amid lower inflation volatility. The FTSE 100 company said revenue for the 16 weeks ended Jan. 7 increased at constant currency
Read More
Index Of News
Consider making some contribution to keep us going. We are donation based team who works to bring the best content to the readers. Every donation matters.
Donate Now

Subscription Form

Liking our Index Of News so far? Would you like to subscribe to receive news updates daily?

Total
0
Share