Bitcoin (BTC) has struggled to recover after a sharp decline below $50,000 in early August, amid a downturn in global markets.
Despite this, institutional investors are reportedly continuing to offload their BTC holdings.
According to a Lookonchain update, the custody platform Ceffu, linked to Binance, deposited $7 million worth of BTC in a single day. Since July 31, Ceffu has moved a total of 3,568 BTC, valued at approximately $211.6 million, to Binance. This significant transfer suggests that institutions are actively selling their Bitcoin assets.
In addition to Ceffu, the crypto market maker Wintermute has recently deposited $97.03 million worth of WBTC into Binance. On-chain analyst ai_9684xtpa noted that Wintermute added 1,631,863 WBTC (about $97.03 million) to the exchange in the last 13 hours alone.
Overall, Wintermute’s deposits since August 17 have totaled 5,860.67 WBTC, worth around $348 million, leading to speculation that the firm might be reducing its WBTC holdings.
Furthermore, QCP Capital, a Singapore-based cryptocurrency trading firm, has also contributed $5.87 million worth of WBTC to Binance. On-chain analyst The Data Nerd reported that QCP Capital deposited 100.5 WBTC, equating to $5.87 million.
Experts caution that these large-scale institutional sales could exert downward pressure on Bitcoin’s price.
Charles Edwards, founder and CEO of Capriole Investments, has offered a fresh perspective on Bitcoin’s stalled price movement near the $100,000 mark, despite growing institutional enthusiasm.
Metaplanet has expanded its Bitcoin treasury with a new acquisition of 1,005 BTC valued at approximately $108.1 million, further cementing its status as one of the largest corporate holders of the digital asset.
Despite common fears that global crises spell disaster for crypto markets, new data from Binance Research suggests the opposite may be true — at least for Bitcoin.
A new report by crypto analytics firm Alphractal reveals that Bitcoin miners are facing some of the lowest profitability levels in over a decade — yet have shown little sign of capitulation.