Large Pockets Are Aggressively Accumulating Bitcoin

Large Pockets Are Aggressively Accumulating Bitcoin
фото показано с : bitcoinmagazine.com

2021-7-30 15:32

On-chain data shows that large-pocketed investors have begun to aggressively accumulate bitcoin.

The below is a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Big Money Making Moves

On-chain data has started to show that large-pocketed investors have begun to aggressively accumulate bitcoin.

OTC Desk Outflows

Looking at the seven-day moving average of OTC Desk Outflows, over the course of 2021 there has been a pretty strong correlation between spikes in outflows and local bitcoin bottoms. This can be attributed to the fact that institutions and big money do not like buying an asset that is being heavily bid, as these players may even be able to move the market themselves if they are impatient.

Thus, when the price falls meaningfully, these players rush in to accumulate at a discount. That is exactly what we have seen over the last week, and the price has responded with eight straight days of higher closes.

Exchange Balances 

Disclaimer: With exchange balance data, it is possible that that is an internal move that is mislabeled and subject to further change.

Once again, it is possible over the short term that the data is a mislabeled internal transfer, but it is very likely that this is not the case.

If correct, more than 60,000 BTC has been transferred off exchanges over the last 24 hours. A truly staggering amount, this would mean that massive institutional buyers are in the water and actively accumulating.

The daily net outflow from exchanges would be by far the largest seen since the start of 2020, and you would have to go all the way back to May of 2016 to see one of larger size.

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aggressively bitcoin investors large-pocketed begun accumulate data

Источник: bitcoinmagazine.com

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