CZ: Speculative Capital Rotating from AI to Crypto; Bitcoin Faces $83K Supply Wall
Changpeng Zhao, the founder of Binance, mentioned that money is likely shifting back into cryptocurrency after investors have been focusing on AI-related trades. He referred to this movement as 'tourist capital,' indicating that investors are quickly hopping from one trend to another rather than making lasting changes. Currently, Bitcoin is trading at about $77,278, which is a slight drop of 0.04% over the last day. Resistance is noted between $83,000 and $86,000, as per Glassnode’s analysis. Meanwhile, River's research suggests Bitcoin could soar to $840,000 in five years if traditional investors boost their crypto investments. They highlight that investment advisors currently only allocate 0.008% of their assets to Bitcoin, though many top firms are involved in some way.
Key facts
- CZ says hot money is rotating from AI to crypto.
- Bitcoin trades around $77,278, down 0.04% in 24 hours.
- Glassnode identifies heavy long-term holder supply between $83,000 and $86,000.
- River projects Bitcoin could reach $840,000 within five years under certain allocation scenarios.
- Investment advisors hold only 0.008% of assets in Bitcoin.
- 29 of top 30 registered investment advisors have some crypto exposure.
- River's model assumes 20-40% of portfolios allocate 2-4% to Bitcoin, implying $1.3-5.3 trillion inflows.
- Bitcoin briefly moved above $80,000 on August 27 but failed to hold.
- 68% of Bitcoin supply is in profit, up from 65% in May.
- Spot Bitcoin ETF daily inflows peaked at ~$290 million.
- US 10-year Treasury yield is around 4.8%.
Entities
Institutions
- Binance
- Glassnode
- River