Ignore that Tether-induced Bitcoin price sell-off. Why? Because Fundstrat Global Advisors’ Tom Lee says that crypto spring has sprung. Speaking with CNBC, the Bitcoin bull revealed that proprietary Fundstrat analysis indicates that the flagship cryptocurrency has begun to storm into a bull market.
Translation: prepare for the Bitcoin price to continue pounding higher. Finally, Lee said his firm surveyed over-the-counter brokers to learn about any changes in their crypto trading activity. They are important because they show how institutional investors trade crypto, he said.
Universally, the brokers are seeing a 60% to 70% increase in activity levels. This includes the number of clients and the amount of trading per client. For both, Lee described the increases as “really taking off.”