Bitcoin (Bitcoin) Reserves on derivatives exchanges have fallen to levels before the price crash in May.
Data from on-chain analysis services CryptoQuant It was confirmed that as of August 10, the total derivatives reserve was 1.256 million BTC, which was the lowest level since May 11.
Institutions repeat the fourth quarter of 2020
In the context of institutional interests return For cryptocurrency tools such as Grayscale Bitcoin Trust (GBTC), data shows that during the entire economic downturn, major participants have actually been increasing their BTC holdings.
“Large sums of money have been buying,” analyst William Clement Comment this week.
The exchange balance proves this, and the derivatives platform has seen a repeat of the trend the last time it witnessed at the end of 2020.
Even in the most intense phase of the BTC bull market this year, the derivatives balance has increased on the contrary-the characteristic of the decrease in the balance is that it reached $64,500 at the beginning of the operation.
“Since May 19, entities with 10K-100K BTC have increased their holdings by +269,450 (12.1B USD),” Clement added, highlighting further data.
“These entities allocate between US$450 million and US$450 million in capital to Bitcoin.”
Accumulate in action
The institution has not been delayed by any overwhelming narrative inside and outside of cryptocurrencies, including the defeat of Chinese miners since May or The ongoing legend Regarding the U.S. Infrastructure Act.
As Cointelegraph Reported before, The retail foreign exchange balance has been declining for some time.
As of Tuesday, the total foreign exchange balance was 2.44 million BTC, which is also a three-month low.