Institutions dumped huge amounts of Bitcoin in late December after its peak high, but they’re now back to buying with it below $100,000, says Blocktrends’ Cauê Oliveira.
Large Bitcoin holders are back to buying huge amounts of the cryptocurrency after its price dove toward the end of 2024 following a record six-figure high, says a Blocktrends analyst.
More than 34,000 Bitcoin (BTC), currently worth $3.2 billion, has been “accumulated by institutional investors, providing buying pressure for the current recovery in Bitcoin,” Blocktrends head of research Cauê Oliveira wrote in a Jan. 8 CryptoQuant post.
Oliveira explained the buyup came after wallets holding between 1,000 to 10,000 BTC dumped 79,000 BTC in the week after Dec. 21 — days after it hit a peak of over $108,000 on Dec. 17 amid the US Federal Reserve interest rate cut — which “ended up generating a 15% correction.”
