Did Institutional Investors Cause the Bitcoin Market to Drop Again?
12.08.2024 20:00 1 min. read Alexander Stefanov
Bitcoin (BTC) began the week with a decline, likely influenced by data from the US and actions by institutional investors.
Recent on-chain data indicates that institutions have halted purchasing USDT from the Tether Treasury and depositing it on exchanges.
Lookonchain, an on-chain data monitoring platform, reported that institutional investors ceased these USDT transactions two days ago. Analysts suggest that institutions, who previously bought during market dips, have now paused their purchases, contributing to the recent decline.
For instance, last week, major crypto market maker Cumberland deposited 95 million USDT into centralized exchanges like Coinbase, Kraken, and OKX. Additionally, other large firms have withdrawn significant amounts of USDT from Tether.
Besides the reduction in institutional buying, transfers to exchanges have increased. Galaxy Digital, for example, deposited $16.14 million worth of Bitcoin on Binance and OKX.
According to on-chain analyst The Data Nerd, Galaxy Digital transferred 276 BTC, worth $16.14 million, to these exchanges. Despite these transactions, Galaxy Digital still holds 3,574 BTC, valued at $210.34 million, in its wallet.
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