US Institutional Investors Buying Bitcoin Aggressively, On-Chain Data Shows

Anvesh Reddy
January 5, 2024 Updated July 16, 2024
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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?

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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.

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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

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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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.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.