Institutions Are Buying the Bottom in Bitcoin: Highest Volume in the Last 1 Month!

Spot Bitcoin ETFs made a strong purchase by taking advantage of the decline in price.

According to data provided by on-chain analysis platform Santiment, the volume of the 7 largest spot Bitcoin exchange-traded funds (ETFs) reached its highest level since May 15.

While Santiment stated that volume increases may indicate a recovery in price, he said that the recent increases were probably a "buy the bottom" reaction:

Bitcoin ETF volume jumped to its highest level since May 15, according to data from the 7 largest ETFs. When these volume increases occur, prices have a better chance of recovering. This latest rise was likely a dip buying reaction.

It previously brought a 7% increase

On June 11, these ETFs purchased $2.89 billion. On May 15, this number was recorded as 2.91 billion dollars.

On May 15, the Bitcoin price was at an average level of $63 thousand, and after large purchases, the price increased by around 7% and climbed to $67,400. This momentum brought a new wave of rise, and the Bitcoin price reached 72 thousand dollars on May 21.

Following the US inflation data to be announced today and tomorrow, expectations that the cryptocurrency market will recover have become increasingly stronger.