The current situation for BTC, and in particular purchases by institutional investors, is very reminiscent of the situation in 2020. The amount of BTC on the exchanges reached its lowest level since May 11, a few days before the start of the mining crisis in China.
BTC goes back to 2020
BTC’s reserves on derivatives exchanges are at a very low level. According to the analytical company CryptoQuant, reserves have been worth on the stock exchanges since Tuesday 1.256 million BTC. Recent indicators and statistics clearly indicate the presence of major players in the market.
“Big players buy again,” said a prominent analyst William Clemente III.
This fact is also proved by balances on crypto exchanges. This situation last took place at the end of 2020. Even during the most intense bullrun, the balances of BTC derivatives were growing. The opposite did not occur until when BTC jumped on the wave, bringing it to a new all-time high of $ 64,500.
“As of May 19, entities with 10K-100K BTC have added +269 450 ($ 12.1B) to their holdings. These entities have allocated 450 million to 4.5 billion USD of their capital on Bitcoin. “
Accumulation is still growing
Institutional investors in accumulations were not discouraged by various conspiratorial and negative reports against BTC. According to the Cointelegraph portal, balances on retail exchanges are constantly declining. Recent reports have shown that the total balances amount to BTC 2.44 million. This value is a three-month minimum.