Bitcoin (BTC) reserves on derivatives exchanges have dropped to levels last seen before the May price crash.
Date de la serviciul de analiză în lanț CryptoQuantity confirmed that as of Aug. 10, derivatives reserves totaled 1.256 million BTC — the least since May 11.
Institutions repeat Q4 2020
Against a backdrop of institutional interest revenind to cryptocurrency instruments such as the Grayscale Bitcoin Trust (GBTC), figures show that major players have in fact been adding to their BTC holdings throughout the downturn.
“Big money has been buying,” analyst William Clemente a comentat în această săptămână.
Exchange balances prove the point, with derivatives platforms seeing a repeat of the trend last witnessed at the end of 2020.
Even during the most intense phase of the BTC bull run this year, derivatives balances conversely grew — a decreasing balance characterized only the very beginning of the run to $64,500.
“Since May 19th, entities with 10K-100K BTC have added +269,450 to their holdings ($12.1B),” Clemente added, highlighting further data.
“These entities have between $450M-$4.5B of their capital allocated to Bitcoin.”
Accumulation in action
Institutions have not been put off by any overriding narrative from within or beyond cryptocurrency, these including China’s miner rout since May or the saga în desfășurare over the United States’ infrastructure bill.
Related: Un Bitcoin cumpără acum 0.6 kilograme de aur, pe măsură ce randamentele pe 10 ani devin negative
Ca Cointelegraph raportate anterior, retail exchange balances have already been heading lower for some time.
As of Tuesday, the total exchange balance figure stood at 2.44 million BTC, also a three-month low.
Source: https://cointelegraph.com/news/institutions-are-buying-bitcoin-like-it-s-late-2020
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