Bitcoin Weekly Outlook: Bulls Break Loose ahead of FOMC Minutes

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Bitcoin exploded above $34,000 for the first time on Sunday, prolonging a record-shattering rally that yielded more than a 300 percent gain in 2020. Early evidence provided by Ki Young Ju, CEO of the blockchain analytics firm CryptoQuant pointed out that institutional investors purchased about $1 billion worth of Bitcoin via over-the-counter deals. His claim took cues from a so-called Coinbase Pro Outflow indicator that shows the total number of Bitcoin getting transferred to the exchange’s cold wallets for custody. As Mr. Ju claimed, the wallets back the Coinbase’s OTC services that allow institutional investors to purchase large Bitcoin amounts without influencing the spot market. Another insane Coinbase outflow. 35k BTC. Institutions FOMO buying — Ki Young Ju 주기영 (@ki_young_ju) January 2, 2021 Meanwhile, more bullish evidence flew from traditional markets. A recent survey conducted by the American Association of Individual Investors showed that about 55 percent of investors…

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