Institutional investors bought $4,5 billion worth of BTC during the market crash
The last time such a high rate of accumulation was seen was after the US banking crisis in 2023
15.07.2024 - 09:00
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What’s new? Major bitcoin holders added another 71 000 coins worth $4,5 billion at the current exchange rate to their wallets earlier this month amid a sharp drop in the crypto market. According to analytics platform CryptoQuant, such a rapid rate of accumulation was last seen in April 2023, shortly after the collapse of several banks in the United States.
What else is known? According to CryptoQuant experts, the high rate of bitcoin accumulation by institutions may indicate that the decline in the asset’s exchange rate is almost complete.
On July 3, bitcoin broke through the psychologically important mark of $60 000, from July 1 to July 5, the asset lost 15%, falling to $54 000, which was the lowest since February this year. The fall occurred against the background of news about the sale of confiscated bitcoins by the German government and the beginning of compensation payments to clients of the bitcoin exchange Mt.Gox, which went bankrupt in 2014.
Thus, German authorities sold almost 50 000 BTC, while Mt.Gox has to return 142 000 BTC along with 143 000 Bitcoin Cash (BCH) to creditors.
Analysts at 10x Research predict a correction of BTC to $50 000
K33 Research believes that unstable market conditions will persist until October
After hitting a localized low, bitcoin began to recover and has risen to $62 881 at the time of writing.
Analysts at the Santiment platform reported that during the market decline, small traders, unlike large traders, moved to sell off their assets. At the same time, the number of wallets containing at least 10 bitcoins increased by 261 between July 1 and July 10.
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