Institutions Reportedly Selling Gold for Bitcoin

According to Bitwise head of research Ryan Rasmussen, some sovereign wealth funds are diversifying into Bitcoin (BTC) by selling gold and foreign exchange reserves. A recent survey of 15 major institutions showed no selling of Bitcoin during its price correction from $125,000 to $60,000, indicating strong institutional confidence. While Bitcoin (BTC) recently failed to sustain a breakout above $90,000 and retraced to $83,000, analysts remain bullish. Market headwinds, including high inflation, interest rate hikes, and ongoing geopolitical tensions, may keep Bitcoin in a sideways trend in the near term.