Bitcoin has seen a lot of sell-offs recently that have contributed to the decline in its price. As a result, there has been a lot of panic in the market as the sentiment shifted deep into the negative. However, it seems like the larger investors are actually looking at the current downtrend as an opportunity to fill up their bags. The buying has been rapid recently, suggesting that I stations are actually picking up whatever BTC retail has been dumping on the market.
What The Big Players Have Been Up To
The last week has seen a lot of activity from large investors when it comes to Bitcoin and the crypto industry at large. Instead of following the crowd and taking a cautious stance, they have instead been buying up coins at a rapid rate, suggesting bullishness among these big players.
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CoinShares reported that numbers for last week had risen rapidly, with institutions putting $1.1 billion into crypto products. As expected, the vast majority of this inflow had moved into Bitcoin, with $871 million moving into BTC products. This move signaled a change in the sentiment toward Bitcoin, especially among large investors, as they continue to pour into the digital asset.
In the same vein, Michael Saylor’s Strategy has also continued its Bitcoin buying spree, with its latest purchase coming in on Monday. According to the announcement, the company had spent another $1 billion buying 13,927 BTC at an average of $71,902 per coin.
This move brought the public company’s total Bitcoin holdings to $780,897 BTC, with over $59 billion spent buying the digital asset since 2020. It follows the trend that the big players are still very bullish on Bitcoin’s future despite the decline.
Bitcoin ETF Inflows Are Still Ramping Up
Although there have been some outflows from the Bitcoin ETF funds, the inflows far outweigh the selling. According to data from the Farside Investors website, the inflows far outweigh the outflows for the last week, and the trend has continued in the new week.
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Analysts are also predicting that the Bitcoin price will continue to surge, with Merlijn The Trader saying the BTC price will hit $150,000 once the manipulation phase is over. But the decision still remains to be made, and this will happen at $70,000.
Bitcoin analyst Willy Woo also pointed out that Bitcoin capital flows have turned positive for the first time since January. This means that liquidity is now returning to the market again and could provide a much-needed prop for the price to continue to rally.
Featured image from Dall.E, chart from TradingView.com