Time to buy the dip on Bitcoin at $40,000? Institutional buyers are voting with their wallets.
) may be heading under $40,000 but fresh data shows that demand from major investors is anything but decreasing.
For Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, institutional BTC buying “could be the big narrative” in the crypto spaceKi highlighted figures from Coinbase Pro, the professional trading offshoot of United States exchange Coinbase, which confirm that large tranches of BTC continue to leave its books.
Those tranches totalled 30,000 BTC in a single day this week, and the event is not an isolated one, with March seeing similar behavior.“30k BTC flowed out from Coinbase today," he noted, "Institutional buys might be the big narrative again because the Executive Order did not create any hurdle.”various aspects of the cryptocurrency ecosystem, seemingly has not acted as a deterrent to large-volume investors looking for exposure.The trend is apparent across exchanges, as CointelegraphThe reduction in supply contrasts with a troubling macro picture which continues to pressure risk assets including crypto.
My guess: Eventually credit system breaks and volatility explodes. BTC follows but more because of deriv traders and not spot selling. BTC bears conditioned to fade every rally get rekt as spot supply continues to constrain."Meanwhile, the major buyer story of the year, that of Blockchain protocol Terra, continues. The Luna Foundation Guard , the nonprofit organization attached to Terra, has added around 2,633 BTC to its reserves over the past 48 hours.
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