In a broader cryptocurrency market correction, the Bitcoin (BTC) price has tanked 6% today slipping below $47,000. As of press time, BTC is trading at a rate of $46,784 with a market cap of $875 billion. The latest Bitcoin price correction comes amid the drying up of trading volumes.
However, it turns out that institutional players, especially from the U.S, have been scooping a huge amount of Bitcoins at every correction. As per the latest update from CryptoQuant CEO Ki-Young Ju, a second major Bitcoin-outflow of 12K Bitcoins recently took place at the Coinbase exchange. The first one happened earlier this week three days back on March 3.
12k $BTC flowed out from Coinbase again.
Institutions are still accumulating $BTC in this range.
— Ki Young Ju 주기영 (@ki_young_ju) March 5, 2021
As Coingape reported, the Bitcoin whales have been accumulating BTC even when the price dropped $44,000 levels ahead this week. But it seems that the whales are majorly coming this time from the U.S. Over the last year, it seems that Asian whales have been losing all their supplies to the U.S. institutions and corporates who have gone currently on an accumulation spree.
As reported by Chinese reporter Wu Blockchain:
“In the past year, the BTC holdings in Asia have fallen more than 400,000, and the BTC holdings in North America (represented by US) have increased by more than 600,000. This prove again that Chinese holds are selling and American institutions are buying”.