Shark Tank star Kevin O’Leary says that a massive wave of blue-chip capital could flood into the crypto asset space if proper conditions are met. In a new interview with crypto influencer Anthony Pompliano, the venture capitalist says that billions of dollars worth of institutional capital could make its way to leading digital assets Bitcoin […]
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Crypto exchange Binance has launched a new platform for VIP and institutional investors. The VIP program allows Binance users to “get rewarded with more discounts and VIP privileges” as their trading volume climbs up VIP tiers. ‘Binance Institutional’ Launched Global cryptocurrency exchange Binance announced Thursday the launch of “Binance Institutional,” a new platform for VIP […]
Financial services giant Citibank is creating a crypto custody service, saying that a mass digitization of traditional investments is already underway. According to a new press release, Citi has chosen Swiss-based crypto custody firm METACO as its partner to develop digital asset custody capabilities. “This collaboration brings together METACO’s technology and digital solutions with Citi’s […]
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A leading digital assets manager says that institutional investors are converging toward the safety of Bitcoin (BTC) as altcoins see very little capital flows. In the newest Digital Asset Fund Flows Weekly report, CoinShares finds that the top crypto asset by market cap saw total inflows of $126 million last week, bringing its total inflows […]
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Financial services giant Fidelity is reportedly preparing to expand its crypto assets division, which is focused on appealing to institutional investors. In a new report, the Wall Street Journal says that Fidelity Digital Asset Services will be doubling its roster of crypto assets beyond that of just Bitcoin (BTC) to include leading smart contract platform […]
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Institutions that reportedly purchased 10,939 BTC from Coinbase in December 2020 are not selling yet.
Bitcoin's (BTC) price dropped by more than 50% after peaking out at $69,000 six months ago but the plunge did little in forcing some of its wealthiest investors into selling.
Notably, the number of Bitcoin under Coinbase Custody for institutional clients rose by 296% since Q4 2020, showcasing the most investors decided to "hodl" onto their investments despite BTC price down well over 50% from its all-time highs.
JUST-IN: #Bitcoin under @Coinbase Custody for institutional clients increased by 296% since Q4'20. pic.twitter.com/iILge2Cane
— CryptoQuant.com (@cryptoquant_com) May 30, 2022
For instance, institutions that deposited 10,939 BTC (~$335 million at today's price) with Coinbase Custody in December 2020, when BTC/USD was around $23,000, have not moved since, on-chain data from CryptoQuant shows.
Ki Young Ju, CEO of CryptoQuant, noted:
"For most cases, the same amount of BTC is still in the (custodian) wallets, which flowed out from Coinbase for highly likely institutional purchases in December 2020."
If this is the case, then these institutions are currently sitting on 30% profits from their BTC investments. Meanwhile, their decision to not unwind their Bitcoin positions, even when BTC/USD has plummeted by more than half, underscores their strong "hodling" sentiment.
That also points to institutions' ability to withstand additional declines in the Bitcoin price, at least until it drops below the investors' breakeven level of $23,000.
Bitcoin's price has been fluctuating inside the $29,500-$30,500 range since May 12, underscoring the market's indecision in a higher interest rate environment.
Related: On-chain data flashes Bitcoin buy signals, but the bottom could be under $20K
But several technical analysts anticipate that BTC's price would continue its prevailing downtrend.
For instance, PostyXBT, an independent market analyst, argues that the token could fall toward its 200-week moving average (the $20,000-22,000 range) next, as shown in the setup below.
Meanwhile, Popular analyst Rekt Capital adds that a drop toward the 200-week MA could also have Bitcoin form a bearish wick, which might take its price to as low as $15,500-$19,000.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
A Silicon Valley-based investment firm is launching a massive $4.5 billion digital assets fund as crypto markets continue to see widespread stagnation. According to a new letter penned by Andreessen Horowitz general partner Chris Dixon, the venture capital giant is launching the latest fund because the world is entering into the “golden era” of Web […]
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New data from a crypto insights firm reveals that non-fungible token (NFT) collectors have already poured a staggering $37 billion into NFT marketplaces in the first four months of 2022. According to a new blog post by Chainalysis, collectors are on pace to comfortably eclipse the $40 billion that went into NFT marketplaces last year. […]
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A recent study by crypto exchange platform Bitstamp finds that institutional investors are actively recommending digital assets to their clients. The Bitstamp Crypto Pulse report, which surveyed over 5,500 professional investors and 23,000 retail investors from 23 countries across the globe, reveals that the majority of institutional investment decision-makers are endorsing crypto assets as investments […]
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Banking and financial services titan Goldman Sachs is making its first-ever loan grant to a borrower fully backed by leading digital asset by market cap Bitcoin (BTC). According to a recent report, a spokesperson from the bank said that Goldman Sachs was interested in the deal because of its structure and 24-hour risk management. This […]
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