US Buyers Accumulating Bitcoin
There is a noticeable gap in the BTC price between exchanges Binance and Coinbase, indicating aggressive buying activity from US buyers. This buying activity has been described as “robust” and may increase as the deadline for the spot Bitcoin ETF approval approaches.
MicroStrategy, the largest institutional holder of Bitcoin, continues to accumulate BTC ahead of the spot Bitcoin ETF launch. The company recently purchased $615 million worth of Bitcoin, increasing its holdings to around $6 billion.
BTC Price Correction
Arthur Hayes, co-founder of BitMEX, warns of a potential correction in BTC price due to US dollar liquidity dynamics. He predicts a 40% correction, taking into account the anticipated interest rate cuts by the US Federal Reserve in 2024.
Hot Take: Institutional Buyers Accumulating BTC Ahead of Spot Bitcoin ETF Approval
Institutional buyers in the United States are showing strong accumulation of Bitcoin (BTC) ahead of the anticipated spot Bitcoin ETF approval. This is evident from the increasing gap in BTC price on exchanges Binance and Coinbase. Additionally, MicroStrategy, the largest institutional holder of Bitcoin, continues to add to its BTC holdings. However, there are warnings of a potential price correction in BTC due to US dollar liquidity dynamics. As we approach the spot Bitcoin ETF approval deadline, it will be interesting to see how these factors influence the market and whether further buying activity occurs.
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