Institutional buying and hash-rate recovery bolster case for a Bitcoin bottom

Institutional spot buying and a recovery in mining hash rate are supporting the case that Bitcoin may have passed a cyclical bottom. High interest rates, however, could constrain near-term liquidity and increase price volatility. In an Oct. 14 interview with Bitcoin Magazine, Charles Edwards, founder of Capriole Investments, said institutional demand and mining indicators were improving while tight monetary policy remained a near-term risk. Edwards said net institutional buying across corporate treasuries and ETFs had remained near 130% of daily mined supply since Bitcoin reached lows around $60,000.

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