Bitcoin Finally Sees Relief as Institutions Buy the Dip Blockchain News, Opinion, TV and Jobs

Analyst Marcus Sotirio A UK-based digital asset broker GlobalBlock

Bitcoin recovered significantly yesterday as it surged beyond the short-term range of $ 28,500 to $ 30,600. Last week, many analysts were worried that cryptocurrencies would fall while the S & P 500 rebounded, but yesterday Americans performed significantly better than S & P 500 futures during their vacation. As a result, Bitcoin reached a high of $ 32,200.

Data from a crypto research company CoinShares After a $ 141 million outflow last week, crypto funds show that there was a $ 87 million inflow last week. While Ethereum saw a $ 11.6 million outflow, the inflow was dominated by Bitcoin, as Bitcoin remains the most popular crypto investment for institutions in this current macro environment. This is consistent with Ethereum’s worsening performance compared to last week’s Bitcoin, indicating that investors are capitalizing assets that are further on the risk curve.

As of last week, the total annual inflow to all crypto-supported funds amounted to $ 520 million. This is well below the $ 5.9 billion inflow of the same period last year.

Nonetheless, the positive numbers of inflows so far are promising given the negative price behavior seen in the last seven months. This shows that financial institutions and high net worth individuals were net buyers throughout the bear market. I think this is further evidence that while the current macro headwinds exist, the supply of Bitcoin is shifting from weak hands to those with long-term beliefs.