Bitcoin (Bitcoin) Was actively acquired by institutional entities this week because data showed a surge in over-the-counter (OTC) transactions.
As famous Author: Dylan LeClair, co-founder of 21st Paradigm, an analysis and consulting company. High-net-worth individuals have a clear interest in Bitcoin at the current price.
Investors increase BTC activity
Quoting the data from the on-chain monitoring resource Glassnode, LeClair saw a sudden rise in OTC trading activity, but BTC/USD hit a local high of US$40,700.
As a classic tandem event, the increase in over-the-counter transactions is often accompanied by a surge in the price of BTC.
After falling from these highs in May and June, over-the-counter entities bought when prices fell temporarily. The same phenomenon has occurred throughout the 2021 bull market, and even before the historical high, BTC/USD is still rising.
“Last week there were a lot of transfers from the OTC help desk,” he commented.
“High-net-worth individuals and institutions want your Bitcoin.”
Although the latest peak is not the largest in terms of trading volume, the data shows that the traffic from major exchanges is impressive.
As Cointelegraph Report, About 57,000 BTC left the exchange in one day on Wednesday, and on Thursday, as the entire market accelerated, Kraken alone transferred 98,000 BTC.
Although it lost more than $400 million in BTC reserves in the second quarter, at the same time, MicroStrategy, which can be said to be the king of institutional bitcoin investors Already promised Buy more.
….But lower prices persist
At the same time, Friday’s price performance may prompt a repeat of earlier buying interest.
At the time of writing, BTC/USD was hovering at $38,600 and fell by 2.7% within one hour due to continuous bearish sentiment entering the market.
Although nothing unusual, the volatility highlights the difficulties that bulls face in overcoming resistance levels, whether it is a psychological price of $40,000 or a technical price of $41,000 and above.
Wait patiently for the fluctuations to start #Bitcoin here.
Stuck in a small area. pic.twitter.com/Xu6ZJgdNaJ
— Michaël van de Poppe (@CryptoMichNL) July 30, 2021
However, given the relative lack of volatility in the past 24 hours, traders generally expect such a trend Waiting for higher lows After a trip of more than $40,000.