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And Gunnar Jaerv, COO of First Digital Trust, a Hong Kong-based digital asset custody provider, seemed to agree, saying, “When the price of BTC swings from $ 4k to $ 19k in just nine months, it isn’t. it is unusual to see a fix.
“This recent rally was driven by the derivatives market, as evidenced by the rather high funding rate, which led to a small long squeeze.
“Even though the all-time highest price of BTC reached in 2017 was not surpassed, BTC’s total market cap is much higher as there are far more BTCs in circulation than ever before.
“Even though big players like Grayscale, Square and PayPal buy more BTC than daily mining produces, the end users of these platforms can still sell or even sell to Grayscale.”
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