Wall Street Bitcoin Traders DGAF About Tether’s Massive Scandal
These days it seems like Wall Street can’t get its hands on enough bitcoin, but it’s had enough of bitcoin shorts. | Source: Shutterstock
By CCN: Wall Street bitcoin traders clearly DGAF about the Tether/Bitfinex scandal. As crypto investment firm HASH CIB noted on Twitter, institutional traders were more bullish than ever last week, with no short positions taken on bitcoin in CME’s BTC futures market.
Wall Street Drops its Bitcoin Shorts
10/Last week Institutional Investors went all in on #bitcoin – no short positions taken.Other #CME traders maintained their earlier outlooks.While insignificant in #BTC terms,COT of AMs is a good gauge of the sentiment.Let’s see on Friday if they FOMO even harder today pic.twitter.com/A4yPcbesa5
— HASH CIB (@HASHCIB) May 14, 2019
As massive a scandal as Tether and Bitfinex are mixed up in, even the $850 million in losses compounded with alleged fraud are a drop in the bucket compared to the $1 trillion wiped from the stock market Monday due to the ongoing U.S. China trade war.
Despite – or likely because of – the devastating losses to an equities market highly exposed to political malfeasance, bitcoin’s price continued to surge.
Adding to the bullish narrative, institutional demand for crypto appears to be rising. At the end of last month, Grayscale Bitcoin Investment Trust inflows stood at an all-time high. GBTC’s movements are a reliable indicator of institutional sentiment toward bitcoin.
Seeing Wall Street load up on bitcoin with all the usual suspects bodes very well for the crypto market.