According to a recent research note from JPMorgan, institutional investors have withdrawn around $ 20 billion from their gold investments since mid-October and during the same period institutional inflows into Bitcoin (BTC) have increased by $ 7 billion. .

The bank said, “Such a crowding out of gold as an ‘alternative’ currency means a big advantage for Bitcoin in the long run.”

JPMorgan believes that the decline in Bitcoin’s volatility could increase adoption by institutional investors. If that happens, the value of private investment in Bitcoin may mirror that of gold, giving Bitcoin a long-term upside target of $ 130,000, the bank added.

Daily performance of the cryptocurrency market. Source: Room360

In other news, billionaire investor Mark Cuban said his crypto wallet is 30% Ether (ETH) because he believes it is the closest thing to being a real currency. Cuban said the rest of its crypto wallet consists of 60% Bitcoin and 10% other crypto investments.

CryptoQuant CEO Ki Young Ju recently pointed out that 400,000 Ether has left Coinbase, a sign that institutional investors may have started to rack up the best altcoin.

The growing adoption of cryptocurrencies by financial institutions and traditional investors is a positive sign, but will this news flow act as a tailwind and raise the price of the top 10 cryptocurrencies?

Let’s analyze the charts to find out.