Institutions Grab Over $5 Billion Bitcoin in a Week: Are They Predicting a Mega Rally?
12 Julho 2024 - 11:30PM
NEWSBTC
A recent analysis from CryptoQuant has revealed that institutional
investors have shown a notable level of activity in the Bitcoin
market, snapping up a substantial 100,000 BTC over just one week.
Particularly, in the past month, these entities with wallets
holding 1,000 to 10,000 BTC have shown massive inflow levels
that effectively match what was seen during March when US-based
exchange-traded fund (ETF) introductions were at their peak. This
purchase surge is particularly noteworthy when Bitcoin prices saw a
significant dip last week, trading as low as below $54,000 for the
first time since February, prompting these seasoned investors to
capitalize on lower prices. Related Reading: Bitcoin To Hit New
Heights? Analyst Predicts 10x Growth In Few Years — Here’s How
Implications Of The Scooped BTC Notably, the recent institutional
buying of BTC shows a strategic method to buy the asset even during
price drops. According to the data obtained from the on-chain
analytics platform CryptoQuant, these large buyers are not just
speculating but have a strong belief in Bitcoin’s future value.
These investors have aggressively accumulated Bitcoin in the most
recent downturn, showing a different motive behind the purchase
than their previous accumulation in past periods. The analyst
revealing this in a CryptoQuant QuickTake post noted: Unlike what
was seen in March, which was a demand more linked to fundraising,
the current institutional accumulation may indicate a true process
of “buying the dip” in large players. According to the CryptoQuant
analyst, the massive Bitcoin accumulation among institutional
investors began in March. Despite Bitcoin’s price decline of more
than 20% since then, these investors continued to buy heavily, even
during last week’s dip. The analyst particularly stated: While many
novice investors capitulated last week, with special emphasis on
coins purchased between 1 and 3 months ago, institutional players
made the largest accumulation process since March. Bitcoin Market
Performance And Future Outlook Following the notable plunge this
last week, Bitcoin appears to have recovered to some extent alone.
So far, the asset has reclaimed its $57,000 mark, and it is now
looking to trade back above $58,000 with its current trading price
at $57,920. The asset is up 0.2% in the past 24 hours and 3.4% in
the past week. Prominent crypto analyst Moutsache on X has earlier
today revealed an interesting trend for Bitcoin. The analyst
discloses that the “Russel 2000 and Bitcoin’s price action have
always been highly correlated so far.” Related Reading: Germany
Liquidates Over 90% Of Bitcoin Holdings, Retains Only $284 Million
Usually, if RUT increases in value, Bitcoin does the same, and
currently, RUT appears to be attempting to break through a “strong
resistance.” The analysts’ post suggests that should RUT break
above this resistance, BTC’s price will likely follow suit by also
experiencing a surge in value. #Bitcoin Most of you may not know
it, but the Russel 2000 and Bitcoin’s price action have always been
highly correlated. If RUT rises, so does $BTC. RUT is currently
trying to break through strong resistance from 2021 to the upside.
Probably nothing.👀 pic.twitter.com/KlxWKEtSYx — 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲
(@el_crypto_prof) July 11, 2024 Featured image created with DALL-E,
Chart from TradingView
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