Institutional investors are increasing their buying pressure amid recent price corrections prevailing at the world’s most volatile financial market.
Long-term supply decreases as HODLers take profits during bull markets – and increases in re-accumulation phases at cheaper prices.
Data from an advanced crypto tracker revealed someone moved 4,999 BTC $272 million in block 676,018.
READ: Less than 4 million Bitcoins available for buying
Whale alert! ? Someone moved 4,999 BTC ($272M) in block 676,018 https://t.co/2zlgXXoNrU
— Bitcoin Block Bot (@BtcBlockBot) March 24, 2021
Crypto pundits opined that the surge of transactions in the flagship crypto market is a combination of endorsements from prominent personalities including Paul Tudor Jones, Larry Fink, Elon Musk, and several investment banks have increased the buying spree among medium-sized institutional firms and retail traders trying to have a grasp on the world’s most popular crypto asset.
READ: Bitcoin market value closes in on GDP of Africa’s largest economies
The market liquidity is tightening at the flagship Crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Grayscale, Paypal, and Microstrategy.
That being said, Micheal Saylor hinted at the rationality for publicly traded Bitcoin miners to become net purchasers of BTC rather than sellers on the sentiments that show Bitcoin is holding up against the recent price correction spectacularly well.
It is rational for publicly traded #Bitcoin miners to become net purchasers of BTC rather than sellers. https://t.co/aRQjgZLfwf
— Michael Saylor (@michael_saylor) March 23, 2021
READ: Computers might 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 laid credence to the Bitcoin fever presently catching investors’ urge on other crypto assets, like Cardano, Polkadot, Ethereum.
The global head of digital assets for Goldman’s global markets division said on a recent Goldman podcast program that his team has seen a “huge volume of institutional demand across [a] broad spectrum of different industry types,” for Crypto during bitcoin’s current bull run.
Credible reports reveal the Bank of Boston and Massachusetts Institute of Technology are jointly working on delivering a Central Bank Digital Currency prototypes before the end of July.