NewsletterUS Institutional Investors Buying Bitcoin Aggressively, On-Chain Data Shows
Amid the speculation around the US Securities and Exchanges Commission’s (SEC) spot Bitcoin ETF approval, institutional buyers appear to be heavily accumulating Bitcoin (BTC) ahead of the expected deadline of January 10, 2024.
Also Read: Bitcoin ETF: How Likely Is US SEC To Give Early Approval?
US Buyers Accumulating Bitcoin
When looked at the difference in BTC price on crypto exchanges Binance and Coinbase, there is an increasing gap in recent times. This could be a clear sign of aggressive buying activity from buyers from the United States. The range fluctuates from a few dollars to more than $50, analysts on CryptoQuant said, adding that this is a sign of “robust buying activity.” It remains to be seen if the BTC buying activity intensifies in the lead up to the spot Bitcoin ETF approval deadline.
Meanwhile, MicroStrategy, the world’s largest institutional holder of Bitcoin, continues to accumulate BTC amid hype around the launch of spot Bitcoin ETF. Earlier, CoinGape reported that the company made a purchase of $615 million worth of Bitcoins, adding on to its bag worth around $6 billion. The firm holds as many as 189,150 BTC as of the last week of December 2024.
BTC Price Correction
In this context, Arthur Hayes, co-founder of BitMEX, warns of a potential correction in BTC Price owing to the US dollar liquidity dynamics. Predicting a chance of 40% correction, Hayes priced in the US Federal Reserve’s interest rate cuts in 2024, CoinGape reported. On the other hand, Standard Chartered bank predicted that the BTC price could touch the six figure mark by the end of 2024. At the halfway mark into 2024, the crypto market would have witnessed two of the most important milestone events in spot Bitcoin ETF approval and the Bitcoin Halving, both of which are expected to be bullish for the top cryptocurrency.
Also Read: Microsoft Introduces AI Copilot Key to Windows Keyboards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: U.S. FDIC to Release First Stablecoin Guidelines Under GENIUS Act this Month
- Fed Chair Jerome Powell Speech: Bitcoin Climbs as December Rate Cut Odds Waver
- Crypto ETF News: Vanguard to Enable Trading of BTC, XRP, SOL ETF on Its Platform
- Operation Choke Point: House Republicans Spotlight Biden Administration’s ‘Attack on Crypto’
- Polymarket Rival Kalshi Moves On-Chain With Launch of Tokenized Prediction Markets on Solana
- XRP Price Prediction as Ripple Gets MAS Licence in Singapore
- Ethereum Price Crashes Below $3,000 as $500M Longs Liquidated: What’s Next?
- Pi Network Price Prediction Ahead of December’s 190M Scheduled Unlock
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
- Will the Binance Coin Price Rebound as a Key RWA Metric Jumps 99%
- AVAX Price Prediction After Bitwise Files for a Staking ETF — A Rebound Coming?
