🎁🎁What is the Reason for the Decline in Bitcoin? Latest Data Points to Institutional Investors! 🎁🎁

The leading cryptocurrency Bitcoin (BTC) started the new week with a decline due to critical data from the US. It is thought that institutional investors may be effective behind this decline. According to the data, institutional investors stopped buying USDT from the Tether Treasury and depositing these assets in cryptocurrency exchanges.

Lookonchain, an on-chain data monitoring platform, stated that institutional investors ended this habit two days ago. Analysts suggest that this situation is related to the effect of institutional investors who bought at the bottom and saw declines as opportunities, stopping their purchases.

Last week, major crypto market maker Cumberland deposited 95 million USDT to centralized exchanges such as Coinbase, Kraken and OKX. Apart from this, other major companies also withdrew hundreds of millions of dollars of USDT from Tether. In addition to the decrease in purchases by institutional investors, Bitcoin transfers to exchanges also increased.

Galaxy Digital has deposited a total of $16.14 million worth of Bitcoin into Binance and OKX. On-chain analyst The Data Nerd reported that Galaxy Digital has deposited 276 BTC into these exchanges. The company currently has 3,574 BTC in its wallet, worth $210.34 million.

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