Category: NFT News

Institutions Accumulate Bitcoin Despite Recent Market Volatility

By Published On: March 20, 20242.5 min readViews: 1590 Comments on Institutions Accumulate Bitcoin Despite Recent Market Volatility

Whales continue to stockpile BTC despite Bitcoin pulling back from all-time highs.

Institutional entities continue to accumulate Bitcoin despite the recent market volatility.

BTC tagged a low of $61,500 earlier today, marking a 16.4% retracement from last week’s all-time high of around $73,580, according to CoinGecko. Bitcoin has since rebounded to $63,122, with BTC down 13.5% in seven days.

Bitcoin traded lower on exchanges suffering from thin liquidity, with BTC wicking down to a violent low of $8,900 on BitMEX’s spot markets. The move was driven by market sell orders worth 400 BTC, with BitMEX stating it is investigating “unusual activity” involving large sell orders on its BTC/USDT spot market.

According to James Seyffart, an ETF analyst at Bloomberg, spot Bitcoin ETFs posted an outflow of $154.4 million on March 18, marking only the second daily outflow during March so far. The milestone was driven by a record $642.5 million exiting the Grayscale Bitcoin Trust.