Institutions hold their breath to get more Bitcoin (BTC), even at $ 34,000.

Based on Data Including the BTC balances on the large Coinbase exchange, there have been only a few bulk purchases in recent weeks.

Analyst Says Institutional Demand “Remains Low”

While BTC / USD is trading 50% below its recent all-time high, there is little interest for many investors in buying up the offering.

Whether retail or institutional, including Bitcoin in a portfolio does not seem to be as attractive as it used to be, even with a noticeable “discount”.

Researcher Jan Wüstenfeld commented that this data is out of date, but the Bitcoin exchange balances on Coinbase are still flat.

“If we take that as a proxy for the still low institutional demand …”

Coinbase’s BTC balance has declined in a row throughout 2021. This trend was constant until the valuation event in mid-May when the payouts were clearly stopped. Since then, the Bitcoin reserves at Coinbase have only decreased slightly.

As Cointelegraph reported, there will be an upheaval in institutional activities in July thanks to the Grayscale Bitcoin Trust (GBTC).

In the middle of the month, a large unlock event will give a large number of investors the opportunity to sell their coins. If they choose to do so, the implied selling pressure and the possibility of a deeper Bitcoin price drop could be the reason there is little buying interest right now.

This event is very important – when it is over it is widely expected that the selling pressure will ease significantly.

1 week realized loss of $ 3.8 billion

When it comes to sales behavior, it’s clear that the Short Term Owners (STRs) are the ones behind the behavior, which was only $ 28,600.

connected: Active Bitcoin miners are now ‘unlikely to sell’ data thanks to rising profits

As Glassnode noted in its latest weekly report, The Week On-chain, the mood is very likely to be panic selling – new investors are losing BTC.

Glassnode explains, “A very large amount of underwater coins have been issued this week.

“Note that almost all long-term owners are profitable and their expenses actually make up for a net loss of approximately $ 383 million ($ 3.833 billion total loss!). Currently, only 2.44% of the circulating supply is held by LTHs with unrealized losses. “