Bitcoin
BTC$62 740.92

4.13%

Ethereum
ETH$3 354.24

4.35%

Tether
USDT$1.000351

-0.01%

Binance Coin
BNB$561.59

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Solana
SOL$152.48

3.96%

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USDC$0.999884

-0.02%

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 74% 46 $62 740.92 4.13% 8.98% $1 237 611 726 015 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.2% 49 $3 354.24 4.35% 9.78% $403 240 334 677 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000351 -0.01% 0.04% $112 576 373 710 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 75.2% 47 $561.59 4.18% 9.18% $82 880 900 481 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 80.8% 29 $152.48 3.96% 8.95% $70 762 073 577 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $0.999884 -0.02% -0.01% $34 053 257 375 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 81.6% 37 $0.530674 0.50% 22.27% $29 614 425 378 XRP 7 days price change
8 Toncoin (TON) TON Toncoin predictions 87.2% 21 $7.47 1.20% 3.55% $18 731 927 427 TON 7 days price change
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12 Avalanche (AVAX) AVAX Avalanche predictions 75.6% 44 $26.98 2.72% 1.27% $10 644 798 265 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 82% 37 $0.000018 2.89% 6.77% $10 578 886 273 SHIB 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 92% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 96% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

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