Institutional investors are increasing their buying pressure in the face of recent price corrections in the world’s most volatile financial market.
Long-term supply decreases as HODLers take profits in the bull markets – and the re-accumulation phases increase at cheaper prices.
Data from an advanced crypto tracker showed someone moved 4,999 BTC $ 272 million into block 676,018.
READ: Less than 4 million bitcoins can be bought
Whale alert! 🐋 Someone moved 4,999 BTC (USD 272 million) to block 676,018 https://t.co/2zlgXXoNrU
– Bitcoin Block Bot (@BtcBlockBot) March 24, 2021
Crypto experts believed that the surge in transactions in the flagship crypto market is a combination of recommendations from celebrities like Paul Tudor Jones, Larry Fink, Elon Musk, and several investment banks that is adding to the buying frenzy among midsize institutional companies and retailers have been trying to capture the world’s most popular crypto asset.
READ: Bitcoin Market Value Is Approaching The GDP of Africa’s Largest Economies
Market liquidity in the flagship Crypto market is diminishing as there are fewer than 4 million BTCs floating around for aspiring investors, including grayscale, PayPal, and microstrategy.
That being said, Micheal Saylor hinted at the rationale that publicly traded Bitcoin miners should become net buyers of BTC rather than sellers, which shows the sentiment showing that Bitcoin is holding up spectacularly well in the recent price correction.
It is reasonable that publicly traded #bitcoin miners are more likely to become net buyers of BTC than sellers. https://t.co/aRQjgZLfwf
– Michael Saylor (@michael_saylor) March 23, 2021
READ: Computers Could Steal Satoshi Nakamoto’s Bitcoin Fortune
Such data suggest that the bitcoin market is transferring bitcoin wealth from the impatient to the patient.
An elite investment bank has believed the bitcoin fever that is currently driving investors’ urges for other crypto assets such as Cardano, Polkadot and Ethereum.
The global director of digital assets for Goldman’s global markets division said on a Goldman podcast program recently that his team has seen “tremendous volume of institutional demand across the industry [a] wide range of different types of industries, ”said Crypto during Bitcoin’s current bull run.