In recent weeks, Bitcoin (BTC) has embarked on a rollercoaster ride, plunging to as low as $25,100 earlier this month. While the cryptocurrency has displayed signs of recovery, it seems to be struggling to gather the momentum needed for a significant breakthrough.
Nonetheless, this week has witnessed noteworthy gains for BTC as investors welcomed a new potential catalyst for institutional crypto adoption.
What happened?
The maiden cryptocurrency surged once again above the $27,000 mark this week after Nomura, the largest investment bank in Japan, announced the launch of the ‘Bitcoin Adoption Fund.’
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The new offering was developed to provide institutional investors with long-only exposure to Bitcoin, propelling BTC to the top of the list of trending cryptocurrencies, Santiment data showed on September 20.
“Bitcoin received a boost to $27.2K after Japan’s largest investment bank, Nomura, launched an Adoption Fund for institutional investors. This is the latest in crypto’s efforts to increase exposure for interested parties beyond traditional traders.”
– Santiment noted.
Nomura, a Japanese financial behemoth with more than $500 billion in assets under management, is targeting institutional investors interested in crypto after a number of Wall Street giants filed for launching a spot Bitcoin exchange-traded fund (ETF) earlier this year.
Bitcoin price analysis
At the time of writing, Bitcoin was changing hands at $27,142, up 0.82% in the past 24 hours.
Over the past week, the leading crypto asset gained more than 5%, recovering from the 3-month lows it reached earlier in the month.
Year-to-date, Bitcoin remains one of the best-performing major crypto assets, surging 65% since January 1, 2023.
Bitcoin’s sleeping wallets are waking up
In a separate post on X (formerly Twitter), behavior analytics platform Santiment revealed a notable jump in Bitcoin’s on-chain activity since April.
In particular, Santiment noted a significant increase in utility, and a “big dormant activity spike” as the cryptocurrency reclaims the $27,000 level, which is “proving to be polarizing.”
The on-chain data shows that BTC has been averaging 1.1 million active addresses per day in September – the highest since April 2023.
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