Blockchain data analysis platform CryptoQuant announced in its blog post dated July 11 that new purchases of 100,000 Bitcoins were made in the last week. The analysis reveals that institutional Bitcoin investors are capitalizing on the price decline and Bitcoin is trading at multi-month lows. These investors have been buying more decisively near BTC/USD's historical highs.
Caue Oliveira, a CryptoQuant writer, examined the movements of assets ranging from 1,000 to 10,000 Bitcoins in the wallet balance this week. Since the beginning of June, these assets have rapidly increased their risks. Even though the BTC/USD parity dropped by 23%, purchases continued and 100,000 Bitcoins worth a total of $5.7 billion were purchased. Oliveira stated that institutional investors have experienced the largest accumulation period since March.
In terms of 30-day balance change, the increase seen in March, when inflows to Bitcoin exchange-traded funds (ETFs) in the USA were at their highest levels, is noteworthy. However, this time, since ETF inflows are relatively low, Bitcoin's target is elsewhere. While daily inflows exceeded $1 billion in March, current daily figures are at much lower levels.
Groups of Bitcoin hodlers face a battle of wills as they hold significant funds. Short-term investors, including newcomer whales, faced unrealized losses of 17% during last week's $53,500 high. According to Glassnode's calculations, investors who hold a given unit of Bitcoin for up to 155 days have a total cost basis of over $64,000.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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WHEN WILL THE AWARD COME?
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