The increasing interest of institutional investors in bitcoin is evidenced by data on the reduction of the cryptocurrency exchange balance.
CryptoQuant analysts estimate that the recent transfer of 30,000 BTC from the Coinbase platform to offline storage confirms the commitment of the big players to the accumulation strategy.
CryptoQuant CEO Kee-Yang Joo noted that institutionalists prefer to accumulate digital currency in anticipation of the legalization of the market in the United States. The famous crypto decree of Joe Biden and the subsequent speech of Treasury Secretary Janet Yellen are clear signals that the White House is preparing for a radical change in the course of the blockchain industry.
Ki-Yang Ju emphasized that the institutionalists withdrew about 30,000 bitcoins from Coinbase, as they are confident that Washington will not repress digital currency market participants. On the contrary, the US authorities are interested in increasing its transparency and creating conditions conducive to the development of the crypto business.
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At the same time, the CEO of CryptoQuant recalled that the whales recently organized a massive coin dump after BTC exceeded $47,000.
After falling to $40,000, the cryptocurrency began to consolidate, on the evening of April 15, it is trading at $40,078. There was no deeper correction of the rate, which indicates that large investors are not interested in the further fall of bitcoin.
Reaching the local bottom of around $40,000 creates the prerequisites for a rebound of the coin, the expert believes.