Last week, institutional wallets that exclude miners and exchanges accumulated more than 67,000 coins in the 30-day window, surpassing more than 3.9 million BTC in their possession.
This level of accumulation can still be seen in the order books, with intense buying pressure on Coinbase and Bitfinex, while Binance and Bybit continue to be predominantly short.
This disparity reveals a dynamic where large investors continue to absorb coins while small investors have been reducing their positions due to the sideways price movement.
This type of action usually leads to the exhaustion of the retail selling force, which will seek to buy back BTC at higher prices when market sentiment improves.
On the other hand, institutional players have been building their positions before this improvement in sentiment arrives, which will cause them to distribute in the next price increases.
Written by caueconomy
