A top crypto analytics firm spots a key metric suggesting institutional accumulation of Bitcoin (BTC)
CryptoQuant, a leading on-chain data analytics provider, has identified a significant change in Bitcoin’s activity over the past year. The company highlights the decrease in reserves on US-based centralized exchanges, indicating the possibility of institutional accumulation. Additionally, the firm notes that BTC reserves on non-US exchanges have increased. Further evidence supports the conclusion that institutions are consistently buying Bitcoin, with large amounts being withdrawn from exchanges like Gemini. CryptoQuant also finds that investors are increasingly exposed to BTC derivative products and futures markets. As of now, BTC is valued at $27,470, showing a 5.4% increase in the last 24 hours.
- US-based centralized exchanges experience a decline in Bitcoin reserves
- Non-US exchanges observe an increase in BTC reserves
- Institutional buyers are consistently accumulating Bitcoin
- Large amounts of BTC are being withdrawn from exchanges like Gemini
- Investors are increasingly exposed to BTC derivative products and futures markets
Hot Take:
This analysis from CryptoQuant suggests that institutional investors are actively accumulating Bitcoin, as evidenced by the significant decrease in reserves on US-based exchanges and the withdrawal of large amounts of BTC from platforms like Gemini. The data also indicates that investors are becoming more involved in BTC derivative products and futures markets. This activity could further drive the price of Bitcoin in the future, making it an important trend to watch for crypto enthusiasts.
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