[Analysis] "Institutional Demand Drives Bitcoin Rally... Bullish Trend to Continue"

An analysis has emerged that large investors, including institutions, have recently led the Bitcoin (BTC) rally.

Jeff Mei, Chief Operating Officer (COO) of the global cryptocurrency exchange BTSE, told CoinDesk on the 22nd (local time) that "large institutions are leading the Bitcoin rally," adding that "more companies are entering the (Bitcoin) market than before, and the inflow of Exchange-Traded Fund (ETF) funds remains strong, suggesting this trend will continue." CoinDesk reported that "net demand for (Bitcoin) ETFs in May was $3.6 billion."

Bitcoin's price hit a new high for the first time in four months since January this year. After setting a new record, Bitcoin broke through the $110,000 and $111,000 levels consecutively. Singapore-based cryptocurrency investment firm QCP Capital stated in a report that "Bitcoin has shown 'remarkable resilience' despite macroeconomic headwinds such as rising bond yields and the downgrade of the US credit rating," and analyzed that "FOMO (Fear of Missing Out) could trigger a new high."