Institutional BTC purchases return

Institutional BTC purchases “may be big news again” as the 30,000 BTC recently purchased on Coinbase has exited the exchange.

Regardless of Bitcoin’s price movement, this month institutional players are putting their money where they can buy even more.

Bitcoin (BTC) may drop below $40,000, but recent data shows that demand from major investors is not slowing down at all.

For Ki Young Ju, CEO of analytics platform CryptoQuant, institutional BTC purchases “could be a big deal again” in the cryptocurrency space.

Coinbase Pro moves significant amounts of BTC

Ki highlights, based on data from Coinbase Pro, which is a professional part of the US exchange Coinbase, that large tranches of BTC continue to exit the stock exchange.

In just one day this week, 30,000 BTC was transferred from Coinbase, and this event is not unique, as similar behavior from big players could be observed in March.

“Institutional purchases may return as there are no legal obstacles for institutions to accumulate BTC.”

The legal status of US cryptocurrencies and the directions in which attempts to institutionally regulate the industry are apparently not deterring investors with high buying potential looking for opportunities to buy.

The trend is visible across exchanges, as Cointelegraph reported this week, April is trying to catch up with March in terms of overall BTC outflows from exchanges.

The supply contraction contrasts with a worrying macro picture that continues to put pressure on risk assets, including cryptocurrencies.

Bitcoin’s correlation with stocks that are at the mercy of central bank policies must collapse for conditions to improve, but analysts say the process will not be smooth.

«The correlation will eventually end, for many reasons», commentator Dylan LeClair explained earlier this week.

He can guess that eventually the loans will crash and this will cause a lot of volatility in the market which will blow up. BTC follows volatility, but more due to derivatives traders than spot sales.

Bears on BTC that contain short positions after each surge will eventually take a devastating hit as the supply of points will be severely limited.


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