big fish – The year 2021 was notably marked by the plunge of several institutional investors into bitcoin (BTC). While the cryptocurrency is trading below its yearly opening level in 2022, new data would show that institutionals have not turned their backs on it.
Bitcoin and Institutions: An Ever-Present Love on Coinbase Pro
CryptoQuant CEO Ki Young Ju stated in a tweet on April 15, 2022, that “ $30,000 BTC went out of Coinbase today “. He also underlined the importance of “institutional purchases” which “could be the main topic of discussion”, while specifying that “the executive order did not create an obstacle”.
These comments from Ki Young Ju were made at a time when bitcoin was managing to hold above $40,000, before closing the day below this level about 48 hours later. A few days earlier, the White House had released Joe Biden’s executive order titled “Executive Order to Ensure Responsible Development of Digital Assets”.
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Institutional investors still fans of Bitcoin (BTC)
For Ki Young Ju, this decree would therefore not have affected the enthusiasm of institutional investors in view of these 30,000 BTC which left Coinbase, or more precisely Coinbase Pro which is the professional branch of the stock exchange.
These massive purchases of bitcoin by institutions or other large investors, however, are not enough for the moment to push bitcoin price to $50,000.
Have these purchases allowed bitcoin to escape a drop to $30,000 for the time being, a decline which could however occur by the end of March 2022 ? While waiting for these large bitcoin purchases to boost the price of the cryptocurrency, the price of the latter continues to swing back and forth around $40,000.
The narrative about institutional investors continuing to gain exposure to bitcoin reassures markets about the long-term outlook for the cryptocurrency’s price. In the short term, however, bullish forecasts remain timid, setting $43,000 as the next target for the bulls.
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