deVere Group predicts the return of institutional investors to the crypto market

The company’s head Nigel Green noted that the number of addresses of large bitcoin holders has increased by 103 in the last 30 days

11.09.2022 - 06:30

463

2 min

What’s new? The CEO of financial advisory firm deVere Group, Nigel Green, has reported that the recent activity by large bitcoin investors demonstrates their desire to return to the crypto market. According to him, now is the right time to buy the asset on “short-term volatility for longer-term gains.” Green’s post is published on the company’s blog.

Information on the blog

What else does Green say? He suggested that large investors intend to return to the crypto market after a period of sales. Green added that one of the factors influencing his own decision to buy more bitcoin is the behavior of institutional investors. He clarified:

“Whales are investors who are giant crypto holders, holding enough assets to have the potential to move currency valuations. In recent weeks, whales have been selling which has the effect of bringing down the market price as others get spooked and panic-sell. This then allows the big players to buy back more, and cheaper, down the track.”

The head of deVere Group also emphasized that the number of addresses of large bitcoin holders holding between 10 000 and 100 000 BTC has increased by 103 in the last 30 days.

On September 10, 11:40 UTC, bitcoin is trading at $21 303, having gained 1,58% per day, according to Binance.

What is known about deVere Group? It is an independent financial advisory company headquartered in Dubai. The company manages more than $10 billion in assets.

On July 21, an unknown large bitcoin holder transferred 67 125 coins totaling $1,54 billion (at the time of the transaction) to cryptocurrency exchange Coinbase in a series of eight transactions averaging 8390,6 BTC.

In late July, a large investor bought 131 882 bitcoins worth about $3 billion. He made the main purchases in three transactions of 15 499, 45 499, and 71 879 BTC.

Author: