Bitcoin volume is significantly above its previous peaks.
But there is more to it (I think…).
A cryptocurrency asset manager (Bitwise) told SEC bitcoin trading volume is significantly “overstated” by “fake” trading. Exchanges are reporting volume that never took place. And the real volume is only around 5% of the reported total.
That’s a HUGE overstatement if it’s true…
Now, let’s take a look at the Bitcoin futures.
$12 billion traded on future exchanges (CME and CBOE) in May vs. $5.5 billion in April.
That’s a significant increase.
Crypto exchanges are overstating the volume. And people are understating the importance of Bitcoin futures…
I think we are seeing institutional buying.
And this isn’t another December 2017 when retail investors drove the price to $20,000.
We might be at the beginning of another big rally.
And “this time may be different” in a good way…
Could Bitcoin hit $50,000?