The latest report published by crypto analysis firm K33 Research reveals that American investors have been flocking to Bitcoin (BTC) as institutional activity accelerates, bolstering the surge of the largest cryptocurrency by market value.
US Investors Taking the Helm in Bitcoin
In a recent report, K33 Research suggests the increase in Bitcoin’s price and transaction volume has recently been concentrated in US trading hours. The report indicates that American investors are the driving force behind the strong performance of BTC. It states that the impact of Asia and Europe trading hours on Bitcoin diminished as the price hit bottom around 16,000 dollars, with the largest cryptocurrency garnering approximately 30 percent cumulative gains during US trading hours.
Expectedly, activity in the US increased following the world’s largest asset management giant, BlackRock’s application to the US Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF) on June 14.
The report notes that the recent surge in Bitcoin coincided with a period when US equities, such as the S&P 500 and Nasdaq indexes, were diverging in performance. The 30-day correlation turned negative for the first time since January 2021 last week.
Bitcoin’s Performance Overshadows Altcoins
Since the start of the year, Bitcoin, which has increased its value by over 85%, outperformed most of the cryptocurrency market. The strong performance of BTC is largely attributed to heightened investor optimism driven by significant financial firms, including BlackRock, Fidelity, and Citadel, showing direct interest in the largest cryptocurrency.
Meanwhile, altcoins were under pressure amid increasing regulatory scrutiny over whether they are unregistered securities. Many leading US-based trading platforms, like Robinhood, have delisted popular altcoins such as Cardano (ADA), Solana (SOL) to avoid potential risk.
