SBI VC Trade's Kasou Nishi talks about the "Crypto 3 Conditions" related to the cryptocurrency market

The situation could change dramatically if institutional investors enter the market in earnest.

In addition to the relationship between interest rates and Bitcoin, you pointed out a "certain law" of the cryptocurrency market.

Currently, the cryptocurrency market is booming, led by Bitcoin, but how do you think it will develop in the future?

Kasou Nishi: First, to summarize the current situation, Bitcoin has been gaining momentum since the approval of a spot Bitcoin ETF, and as a result of the inflow of funds, it hit an all-time high in March, exceeding 10 million yen in Japanese yen.

However, if we trace the source of the inflow of funds into this spot Bitcoin ETF, most of it is from individual investors, not institutional investors.

Furthermore, while Bitcoin has previously hit its all-time high after the halving, this time it hit a new all-time high before the halving.

This is a unique case compared to when it hit its all-time high in 2021, and in US dollar terms, it is almost the same price range as the all-time high of $69,000 as of 2021, so considering the strong positive factor of ETFs, I think there is still potential for it to rise.

The situation may change in the future when institutional investors enter the Bitcoin spot ETF market in earnest.