Bitcoin (BTC) whales and institutional investors turned the price correction into an opportunity with purchases.
On-chain analysis platform by Material Indicators on March 9 shared According to the data, BTC buy orders of $ 100,000 and more on Binance, the highest volume cryptocurrency exchange worldwide, reached all-time highs.
Big Bitcoin investors don’t hesitate
In contrast to orders for less than $ 100,000, more BTC is being bought than ever before in Bitcoin history. Small transactions declined in 2021, and institutions’ transactions changed all the balances during the last bull market.
In the message shared by Material Indicators on Twitter, it said, “The amount of transactions between $ 100,000 and $ 1 million is about to reach a new peak.”
“In other words, they picked it up from the bottom.”
Material Indicators voiced concern over this week’s price increase, claiming that the whales would “sell” if they hit an all-time high of $ 58,000. He then suggested that a 25 percent correction could be seen.
While the claim was not materialized, analysts noted that macroeconomic factors had a different effect than expected.
Following the news of the approval of the US $ 1.9 trillion stimulus package, whales’ purchases declined, while China’s support for technology stocks had the opposite effect. As Cointelegraph reported, a significant change in wealth has been observed in the stock markets.
Uptrend towards $ 54,500 following massive Coinbase buy
Approximately 12,000 BTC output was seen through the professional trading platform Coinbase Pro. Analyst Lex Moskovski told data from Glassnode, another analytics source on the chain referring to“This happened just before the last increase in price. It is a nice coincidence,” he said.
The BTC / USD pair hit a two-week high of $ 54,500 on Tuesday.
Generally speaking, the increased institutional interest in Bitcoin can bring new investors into the industry.
“We think this will actually act like fixed income markets, believe it or not,” Cathie Wood, founder and CEO of ARK Investment Management, told CNBC this week.
The Binance order books show that the next major BTC / USDT resistances for the bulls are at an all-time high of $ 58,000 to $ 59,500.