Bitcoin
BTC$23 417.82

-0.63%

Ethereum
ETH$1 661.88

0.91%

Tether
USDT$1.000131

0%

Binance Coin
BNB$332.92

1.94%

USD Coin
USDC$0.999885

0%

XRP
XRP$0.411251

0.08%

Institutions are buying Bitcoin like it’s late 2020


11 Aug 2021

#Bitcoin

The amount of Bitcoin available on derivatives exchanges hits its lowest since May 11 - before the China miner rout took hold. Bitcoin (BTC) reserves on derivatives exchanges have dropped to levels last seen before the May price crash.

Data from on-chain analytics service CryptoQuant confirmed that as of Tuesday, derivatives reserves totaled 1.256 million BTC — the least since May 11.

Institutions repeat Q4 2020

Against a backdrop of institutional interest returning to cryptocurrency instruments such as the Grayscale Bitcoin Trust (GBTC), figures show that major players have in fact been adding to their BTC holdings throughout the downturn. “Big money has been buying,” analyst William Clemente III commented this week.

Exchange balances prove the point, with derivatives platforms seeing a repeat of the trend last witnessed at the end of 2020. Even during the most intense phase of the BTC bull run this year, derivatives balances conversely grew — a decreasing balance characterized only the very beginning of the run to $64,500.

“Since May 19th, entities with 10K-100K BTC have added +269,450 to their holdings ($12.1B),” Clemente III added, highlighting further data. “These entities have between $450M–$4.5B of their capital allocated to Bitcoin.”

Accumulation in action

Institutions have not been put off by any overriding narrative from within or beyond cryptocurrency, including China’s miner rout since May, or the ongoing saga over the United States’ infrastructure bill. Related: One Bitcoin now buys 0.6 kilograms of gold as 10-year returns turn negative

As Cointelegraph previously reported, retail exchange balances have already been heading lower for some time. As of Tuesday, the total exchange balance figure stood at 2.44 million BTC, also a three-month low.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 64.4% 76 $23 417.82 -0.63% 1.15% $451 514 389 015 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68% 64 $1 661.88 0.91% 3.64% $203 370 239 782 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000131 0% 0% $68 037 505 087 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 78.4% 39 $332.92 1.94% 7.73% $52 567 670 570 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999885 0% -0.03% $41 955 221 400 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 72.8% 51 $0.411251 0.08% -0.76% $20 891 185 117 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $1.000291 -0.02% 0.01% $16 277 011 211 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 63.6% 69 $0.402084 0.04% 1.59% $13 912 162 701 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 77.6% 48 $0.094571 3.60% 7.39% $12 546 748 098 DOGE 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 66.8% 64 $1.24 3.79% 7.12% $10 812 206 732 MATIC 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 Solana (SOL) SOL Solana predictions 60.8% 88 $24.65 1.35% -0.13% $9 182 943 497 SOL 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 66% 74 $6.99 6.42% 5.28% $8 061 412 510 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64.4% 79 $0.000014 16.05% 20.58% $7 810 721 768 SHIB 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 78% 38 $100.55 0.67% 12.99% $7 259 641 157 LTC 7 days price change

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