Analyst: Large Scale Investors Interested in Bitcoin Despite Current PricesAuthor: Cole PetersenLast Updated: 19 September 2018 Although Bitcoin is sitting just above its year-to-date low at $6,300, analysts are confident that large scale investors are still interested despite the persisting bear market. Industry sentiment also appears to be near its yearly low, with most investors and analysts calling for pending drops closer to $4,800.Despite there being little hope for another major rally in the foreseeable future, institutional and large-scale investors are still interested in the markets, according to Naeem Aslam, chief market analyst at Think Markets U.K., reports Market Watch.“On the OTC (over-the-counter) front we are still seeing significant demand, many of it large orders, buying both bitcoin and ethereum at these levels. However, on the retail front, they are more in panic mode.”Aslam’s analysis of the institutional demand for cryptocurrency is supported by the sheer number of institutions beginning to offer cryptocurrency products.Recently, reports surfaced claiming that Citigroup was working on a cryptocurrency custodian investing solution that would operate similarly to American depository receipts, allowing institutions to invest in Bitcoin through a fully regulated product that is secure from risk of hacking. Morgan Stanley also announced plans to offer a similar product.Alistair Milne, the chief information officer at Altana Digital Currency Fund, discussed the growing interest in cryptocurrencies by major financial institutions, noting that institutional demand is important for future cryptocurrency prices, saying:“Goldman, Citibank, ICE. Now Morgan Stanley. All launching Bitcoin products and services because there’s no institutional demand. Institutional money took the hedge fund industry from $300 billion to $6 trillion.”SEC Bitcoin ETF Decision the Most Immediate Catalyst for a Major Bitcoin Price MoveBitcoin has been ranging between $6,200 and $6,600 for the past week, following a move down from its previous uptrend, where it rose from $6,300 to $7,300 before falling back to $6,200. Despite the current stability, investors are waiting for the upcoming U.S. Securities and Exchange Commission (SEC) announcement regarding the Bitcoin ETF before placing any major trades.The SEC will be announcing their decision on the CBOE VanEck/SolidX ETF on September 30th, and investors are placing a significant amount of stock on the results of the ruling. Many familiar with the application and the SEC’s approval framework have claimed that the VanEck/SolidX ETF is the most likely of all the previous applications to be approved.If the SEC does approve this Bitcoin ETF, market sentiment will surge on the hopes that institutional and retail investments will rise, leading to a surge in Bitcoin prices and the overall cryptocurrency markets.If their decision is to deny or delay the application, however, the markets will respond negatively, with Bitcoin leading a temporary price crash that will pull the overall markets down.Once institutional products begin being released by the aforementioned banks, they will likely impact the prices as well.Featured image from Shutterstock.The post Analyst: Large Scale Investors Interested in Bitcoin Despite Current Prices appeared first on NewsBTC.