Bitcoin (BTC) whales and institutions have made the most of the recent BTC price by buying in bulk, data suggests.
In an update on March 9, on-chain analytics service Material Indicators found that purchase orders of $ 100,000 and more at Binance – the world’s largest cryptocurrency exchange by volume – hit an all-time high.
Big Bitcoin buyers don’t hesitate
Unlike orders less than $ 100,000 in value, larger purchases are more common than ever in Bitcoin’s history.
Smaller allocations fell in 2021, in line with an existing representation that institutions on exchanges that popped up during the recent bull run were raising liquidity.
“The class from 100,000 to 1 million US dollars is now facing a new ATH,” commented material indicators on Twitter next to a diagram.
“That means they bought the dip.”BTC / USD vs. order volume chart. Source: Material Indicators / Twitter
The material indicators previously voiced concerns about the price spike this week, arguing that whales could “sell” on the spike, repeating the run to $ 58,000 all-time highs and then correcting 25%.
While this has not yet happened, analysts also noted that macroeconomic factors are also having a different impact than expected.
Whale orders fell after it was revealed that the US $ 1.9 trillion stimulus package had passed the Senate, while China, which backed tech stocks, had the opposite effect. As Cointelegraph reported, the technology had dramatically changed wealth in the stock markets.
After purchasing Coinbase, there was an increase of $ 54,500
Later, meanwhile, another batch of nearly 12,000 BTC left the Coinbase Pro professional trading platform as an example of major BTC allocations that continued at current prices.
“That happened shortly before the recent price hike. Nice coincidence,” commented quant analyst Lex Moskovski on the data from the other on-chain analytics resource Glassnode.
BTC / USD hit a two-week high of $ 54,500 on Tuesday.
BTC / USD vs. Coinbase flowchart. Source: Glassnode / Twitter
The increasing institutional commitment to Bitcoin could encourage entry as the standard for investors alongside traditional games.
“We believe that this is actually what I would say the bond markets will do, believe it or not,” Cathie Wood, founder and CEO of ARK Investment Management, told CNBC this week.
Binance order books show that the next big BTC / USDT resistance for the bulls is at $ 58,000 – the all time high – and $ 59,500.