Hedge Funds, Retail Investors Bought the Dip — Kraken CEO Jesse Powell

Kraken CEO Jesse Powell says the exchange saw a “massive influx” of hedge fund and retail investors as Bitcoin price dropped below $4,000 on March 12. According to Kraken crypto exchange CEO Jesse Powell, there has been a massive influx of new accounts from all types of investors. The trend coincides with Bitcoin’s (BTC) strong recovery from $3,600 to over $9,000. Powell’s statement aligns with similar observations made by Coinbase earlier this year when the exchange also saw a surge in demand when Bitcoin price dropped to $3,596 on March 12. Data shows the demand from both retail and institutional investors has increased continuously since mid-March and sentiment among Bitcoin investors has improved.

What does the influx of new investors mean?

Speaking to Bloomberg, Powell said: “We have seen a massive influx of new accounts from hedge funds, wealth managers, retail investors and day traders. We have seen people taking their stimulus checks and rolling them into Bitcoin." Similarly, the U.S. stock market saw a noticeable spike in trading activity among retail traders on platforms such as Robinhood and Charles Schwab. Read More...

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