Collected bitcoins leave the exchange

After Bitcoin fell below $ 30,000, it took a long time for BTC’s price to close below that level. Strong price fluctuations for new assets such as Bitcoin or former stocks, internet companies, real estate, … are the order of the day. This is a common rule, if the market is small cap the price movement will be big. And as the market matures and gets bigger there will be stability and less price volatility.

In the short term, we can also observe BTC price drops in the last 80%, but in retrospect there are only very small price changes in the price chart.

For investors who believe in long-term BTC, when prices fall, there is an opportunity to buy in at a low price. For investors who believe in the long-term growth of BTC or crypto or new assets, it doesn’t matter when it comes, but how long the investor stays in the market.

Recently, miners persuaded BTC to sell on the exchange after being banned from mining by China in early June. Until now, the phenomenon of miners’ selling (red column) has decreased and tends to accumulate again (column). blue) data shared by Lark Davis (Glassnode).

However, even though BTC fell below $ 30,000, it then rebounded and there was no more sudden BTC drop. During the day when BTC was declining, the amount of BTC withdrawn from the exchange was 8,400 BTC more than the amount deposited.

Ethereum is currently being withdrawn from the exchange at a higher rate than BTC. The amount of Ethereum on the exchanges continues to decrease rapidly.

Institutions continue to invest in crypto

After announcing the acquisition of Square shares, ARK is now continuing to buy 140,000 GBTC, which is about $ 3.3 million. While many investors are concerned if BTC’s price continues to fall, the ARK mutual fund is actively buying.

In addition, a recent Fidelity survey found that most institutional investors view digital currency as an attractive investment option despite the volatility of the price of digital assets.

Fidelity’s survey was conducted with respondents who were large investors and institutional investors. The results have shown that more than 50% of global institutional investors have some of their assets invested in the crypto market.

Most investors ignore the high volatility of digital assets and remain optimistic. Up to 70% of the 1,100 participants in this survey said they would invest in crypto in the future. While Fidelity’s survey was conducted last year, only 27% of US investors surveyed invest in crypto.

The above can be seen, large investors are very interested and the trend to invest in digital currencies is increasing. The coins that are invested and that are the first choice of investors are still Bitcoin and Ethereum.

JP Morgan also said that many customers with money see BTC as an asset and want to invest in it. JP Morgan is also a bank that is recruiting many positions that are related to, or require knowledge of, blockchain and crypto.

Among the information above, there is conflicting information from other banks. BlackRock Bank announced that no customers have asked about Bitcoin. Or Goldman Sachs said not to see Bitcoin as an asset. But in fact, over the years, banks or organizations that constantly criticize BTC or crypto are taking advantage of the low prices to collect crypto. Let’s see how true these things are in the future.

High quality crypto companies also attract a lot of investors or large mutual funds. Investor Paul Tudor Jones recently joined the $ 900 million Series B of the FTX crypto exchange. Additionally, this FTX funding round has also attracted other notable investors such as UK billionaire Alan Howard, Softbank, Sequoia Capital, Circle and VanEck.

After this round of funding, FTX Exchange was valued at up to $ 18 billion. FTX CEO Sam Bankman-Fried continues to be the richest person known in cryptocurrencies, with an estimated net worth of $ 16.2 billion.