Bitcoin

when

Billion

A recent analysis from CryptoQuant has <a href="https://cryptoquant.com/insights/quicktake/668fbde11fe1d9469fe41c95-The-second-largest-institutional-accumulation-process-of-2024" target="_blank" rel="noopener nofollow">revealed</a> 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 &nbsp;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 <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-crash-weak-hands-loss-taking-2022-lows/" target="_blank" rel="noopener ">below $54,000</a> for the first time since February, prompting these seasoned investors to capitalize on lower prices. 
<h2 id="implications-of-the-scooped-btc">Implications Of The Scooped BTC</h2> 
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 <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-to-hit-new-heights-analyst-predicts-10x-growth/" target="_blank" rel="noopener ">future value</a>. 
<img loading="lazy" decoding="async" src="https://i0.wp.com/img.cryptoquant.com/342335/quicktake/EaZOugjCm_a2ec3bb25dbb54f114d6c988d321431c58830ab96473e81a9fc2a057a88333e7.png?resize=1280%2C720&amp;ssl=1" alt="Total balance change from large holders." width="1280" height="720" data-recalc-dims="1"> 
These investors have aggressively accumulated Bitcoin in the most recent downturn, showing a different motive behind the purchase than their <a href="https://www.newsbtc.com/bitcoin-news/germany-liquidates-over-90-of-bitcoin-holdings-retains-only-284-million/" target="_blank" rel="noopener ">previous accumulation</a> in past periods. The analyst revealing this in a CryptoQuant QuickTake post noted: 
<blockquote> 
 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. 
</blockquote> 
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: 
<blockquote> 
 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. 
</blockquote> 
<h2 data-id="ff7636f9-6e59-4e40-b994-be7805440949" data-pm-slice="1 1 []">Bitcoin Market Performance And Future Outlook</h2> 
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 <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-falls-56k/" target="_blank" rel="noopener ">trading price at $57,920.</a> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/pBMF3ct8/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1496"> 
The asset is up 0.2% in the past 24 hours and 3.4% in the past week. Prominent crypto analyst Moutsache on X has earlier today revealed an interesting trend for Bitcoin. The analyst discloses that the “Russel 2000 and Bitcoin’s price action have always been highly correlated so far.” 
Usually, if RUT increases in value, Bitcoin does the same, and currently, RUT appears to be attempting to break through a “strong resistance.” The analysts’ post suggests that should RUT break above this resistance, BTC’s price will likely follow suit by also <a href="https://www.newsbtc.com/bitcoin-news/is-a-bitcoin-breakout-looming-options-markets-signal-imminent-volatility-surge/" target="_blank" rel="noopener ">experiencing a surge in value</a>. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a> 
 Most of you may not know it, but the Russel 2000 and Bitcoin’s price action have always been highly correlated. 
 If RUT rises, so does <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$BTC</a>. 
 RUT is currently trying to break through strong resistance from 2021 to the upside. 
 Probably nothing.<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/KlxWKEtSYx" target="_blank" rel="noopener nofollow">pic.twitter.com/KlxWKEtSYx</a> 
 — 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f2.png" alt="🧲" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@el_crypto_prof) <a href="https://twitter.com/el_crypto_prof/status/1811494447538143470?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">July 11, 2024</a>
</blockquote> 
Featured image created with DALL-E, Chart from TradingView

Institutions Grab Over $5 Billion Bitcoin in a Week: Are They Predicting a Mega Rally?

Obsah

NewsBTC

Ďalšie články zverejnené 13. 7. 2024

What is Staking, and Why Does the SEC Hate It?

Ark Invest Continues to Trim Coinbase Holdings Ahead of Earnings Report

DOGE Price Prediction for July 13

Is ZKSync (ZK) Preparing To Break Past Its All-Time High Again

Wallet Linked to Genesis Transfers $720M of Bitcoin to Coinbase, Signaling Potential Liquidations

Bonk Coin Price Prediction and Major Updates – Is $BONK Crypto Worth Buying?

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!