Institutions keeps buying BTC on the dip! Institutions Keep Buying Bitcoin’s Dip, Despite Near-term Volatility: Data
Institutions and "whales" have continued their bitcoin purchases, on-chain data shows.
Bitcoin’s price has been on a roller coaster this week, erasing almost all of its 2021’s gains on Thursday. Yet, according to on-chain data, institutions have continued their purchases of bitcoin despite the volatility and near-term bearish market sentiment.
Data from on-chain data site Glassnode shows the number of addresses with 1,000 or more bitcoin (often called “whales”) continued to increase this week while bitcoin’s price dropped, dipping below $30,000 on Thursday. The count of such addresses dropped in late December and has spiked again since the beginning of 2021.