Hashed Blockchain & Crypto Market Predictions for 2021
__________________________________________________________________________________________ I. Bitcoin A solid and continuous Bitcoin (BTC) bull run is expected in 2021. Since the inception of Bitcoin, the amount of BTC owned by the exchanges has steadily increased. However, starting from February 2020, institutional investors have started to withdraw large volumes of BTC from these exchanges for strategic long term holding. Such withdrawals have created pressure on BTC liquidity, and the sell-side crunch has driven up the BTC price since mid-2020 according to the chart below. We expect this trend to continue in 2021, and due to the decrease in BTC supply, the price of BTC is reasonably expected to align with the trend. Amount of Bitcoin owned by crypto exchanges decreased since institutions started buying Bitcoin in 2020 (ref: CryptoQuant) Grayscale in the US provides further evidence of the increasing institutional interest as it is a vehicle through which institutional investors h