Institutions quit purchases, Bitcoin fell
The fact that institutional purchases, which is one of the biggest factors in the return of Bitcoin, which fell up to 49 thousand dollars last week, stopped in the last 2 days, caused Bitcoin to fall below 60 thousand dollars.
While Bitcoin is below the 60 thousand dollar level again, it is seen that the purchases of institutional companies, which take from the bottom and see falls as opportunities, have 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 According to the information shared by the on-chain tracking platform Lookonchain, USDTs withdrawn in large amounts from the Tether Treasury have stopped for now...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, on August 5, Bitcoin fell to 49 thousand dollars and many corporate companies, especially large companies such as Cumberland, had withdrawn hundreds of millions of dollars from the Tether Treasury. Most of the withdrawn USDTs were sent to exchanges such as Coinbase, Kraken, Binance and OKX. In 4 days, the figure sent to the exchanges by these institutions exceeded 2 billion dollars.
During the week, large institutions provided $1.3 billion in USDT and $519 million in USDC to the Binance exchange alone.
In the chart below shared by Lookonchain, a section that was withdrawn from the Tether Treasury last week and transferred to the exchanges, the path followed by USDTs is visible.
In the minutes of writing the news, Bitcoin is trading at $58,500.
