Bitcoin has been triggering massive excitement and interest these days with its surges in the market.
There have been addressed various potential reasons for these surges as well.
Now, according to a recent report coming from Binance, it seems that the leading crypto exchange has seen a sudden surge in Bitcoin from both retail traders and institutions as well during last month.
A surge of BTC on Binance’s OTC trading platform
The report highlights a rise in trades on the company’s OTC trading platform and from new retail traders.
According to Binance, “Compared to March and April, which were relatively quiet in altcoin space, May was a much more active month in terms of OTC trading. The initial move higher in BTC was likely fueled by Blockchain week in NY (Consensus, Magical Crypto Conference and other events) and led to a lot of renewed interest in buyers of BTCUSD…”
Binance also said that “We have [also] definitely seen more interest from the non-crypto public this month, and hope that the market ‘behaves’ such that the interest continues to build.”
Traders buy shares of Grayscale Bitcoin Trust
The Daily Hodl reports that Binance’s data also reveals that big-time traders are forking over a premium to buy shares of Grayscale Bitcoin Trust and they are just one example of how far the institutions will go in order to make investments in the crypto space.
It has been said before – the wave of institutional investors will definitely bring crypto to mainstream adoption, and things seem to be going in the perfect direction.
Binance wrote that institutional investors represent less than 10% of all the long-term investors and they are growing their exposure to crypto, “as illustrated by a premium of nearly 40% for Grayscale Bitcoin Trust (GBTC) over BTC spot price at the end of May.”