Although the price bitcoin (btc) Up 23% In One Week, Institutional Investors Are “Looking Right Now”, Finds Blockchain Analytics Firm crypto quant,
After two months of its price hovering around $16,000-$17,000, bitcoin is seeing green zones again. It is up 2% in the last 24 hours and over 23% in the last 7 days, currently trading at $21,188 (at 9:20 UTC). Overall, it has gained 26% in the last one month.
The rise can be clearly seen on the 14-day price chart below, which shows the uptrend starting on January 11th.
Meanwhile, it is down 51% in a year, and down 69% since its all-time high in November 2021.
However, institutional investors are still on the sidelines despite the price rise.
According In a post published on January 15, cryptanalyst,
“Existing institutional investors are keeping calm and just watching. OTC [over-the-counter] The trade will be bullish when they expect a complete uptrend turn.”
CryptoQuant analyst MAC_D explained in the post that there are three indicators to watch for when the crypto was rising to $21,000 – which do not show a buying trend by institutional investors.
- Fund Volume Index: The trading volume level is negligible, and there is nothing unusual to note;
- Fund Holdings Index: Institutional BTC Holdings Dwindle, Only Price Rises;
- Over-the-Counter Transactions: There was no unusual transaction; It was only actively traded on the exchange, with no unusual transactions; Usually at the bottom, we will see institutional investors quietly buying through OTC trading.
Looking at the three indicators, the analyst said, it is unlikely that the current rise means a true uptrend transition.
Rather, added the author,
“I think this is a result of buying sentiment, which was subdued when the US CPI index was released recently. Therefore, it seems better to be calm than euphoric about growth.”
US Bureau of Labor Statistics On January 12, the Consumer Price Index (CPI) was released. among other things, it Told The CPI for all urban consumers declined by 0.1% in December 2022, compared to an increase of 0.1% in the month prior. The all-items index rose 6.5% for the 12 months ending December – the smallest 12-month increase since the period ending October 2021.
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learn more:
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