The surge in 1k BTC addresses indicates that institutions have bought immersion; Goldman Sachs said that it still only accounts for 1% of institutional funds
Although there has been a good correction, more adjustments cannot be ruled out, but since many institutional investors have bought near this level, $30,000 will be protected.
After a sharp correction earlier this week, Bitcoin took a breath and hovered around $35,000. After Bitcoin bounced more than 1,000% from its March 2020 low, it is expected to be profitable with ATH reaching $42,000.
“There are signs that retail investors are making a profit,” Said Ryan Rabaglia, head of global trading at OSL. “Serious fluctuations are usually related to increased retail participation.”
The market is currently paying special attention to the US dollar index, which has been rising and is currently hovering around 90.
David Grider, digital strategist at Fundstrat Global Advisors, said: “We think the pullback is healthy.” According to him, Recent price movements It does not mean that Bitcoin has reached its peak.
However, miners cannot rule out further losses Continue to sell There is no obvious stablecoin inflow in the picture. There is also no outflow of funds from Coinbase; in fact, BTC is flowing communicate with.
Based on this, “we may conduct a second dumping” Said Ki Young Ju, CEO of data provider CryptoQuant.
Nonetheless, $30,000 will still be protected. If there is a fall, we may not fall below $28,000 because “a lot of institutional investors have bought BTC at 30-32k,” Young Ju Add to.
These institutions are actually Buy dip It was Sunday and Monday. Since the beginning of 2021, a large number of BTC holders can be seen as agents adopted by institutions, and “significant increase”. The increase in such addresses (at least 1,000 BTC) indicates that the trend of institutional adoption will continue.
However, according to Jeff Currie of Goldman Sachs, although “the market is beginning to become more mature,” the level of institutional investment in the market is still small.
“The key to establishing a certain type of market stability is to increase the participation of institutional investors, who are now very small,” Said The investment bank’s head of commodity research for CNBC stated that “approximately 1% of the investment in BTC is institutional funds.”
“For the first time in history, we have a Plan B option for the current financial system. This has seen retail banks rewrite the black community for years, racial discrimination and other serious behaviors,” Said Isaiah Jackson, author of “Bitcoin and Black America.”
According to him, Bitcoin gave black people an opportunity not only to transfer their money, but also their way of thinking, because the world’s leading digital currency is not to be confused and has no barriers to entry.