Institutions stopped buying, Bitcoin fell
The fact that institutional buying, which was one of the biggest factors in Bitcoin's return after falling to $49,000 last week, stopped in the last 2 days caused Bitcoin to fall below $60,000.
While Bitcoin fell below the $60,000 level again, it is seen that the buying of institutional companies, especially those who bought from the bottom and saw declines as opportunities, has also stopped for 2 days. According to the information shared by the on-chain tracking platform Lookonchain, USDTs withdrawn in large amounts from the Tether Treasury have stopped for now...
2 billion dollars flowed in 4 days
As it will be remembered, Bitcoin fell to $49,000 on August 5, and many institutional companies, especially large companies such as Cumberland, withdrew hundreds of millions of dollars from the Tether Treasury. The majority of the withdrawn USDT was sent to exchanges such as Coinbase, Kraken, Binance and OKX. The amount sent to exchanges by these institutions in 4 days exceeded 2 billion dollars.
During the week, 1.3 billion dollars of USDT and 519 million dollars of USDC were transferred to the Binance exchange by large institutions.
The graph below shared by Lookonchain shows the path followed by a portion of USDT withdrawn from the Tether Treasury and transferred to exchanges last week. At the time the news was written, Bitcoin was trading at $ 58,500.
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