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Influx of Institutional Investors into Bitcoin in the U.S.: Latest On-Chain Reports

  • It appears that institutional buyers are actively accumulating Bitcoin (BTC) before the expected deadline of January 10, 2024.
  • Recent observations show an increasing gap in the BTC price on crypto exchanges like Binance and Coinbase.
  • Arthur Hayes, co-founder of BitMEX, warns of a potential correction in the BTC price due to U.S. dollar liquidity dynamics.

As the U.S. Securities and Exchange Commission (SEC) is expected to decide on spot Bitcoin ETFs, institutional investors are accumulating!

Institutional Investors Investing in Bitcoin

Bitcoin-BTC

While speculation continues around the approval of spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC), it seems that institutional buyers are actively accumulating Bitcoin (BTC) before the expected deadline of January 10, 2024.

When examining the price difference in BTC on crypto exchanges like Binance and Coinbase, an increasing gap has been observed recently. This is indicative of aggressive buying activity from buyers in the U.S. According to CryptoQuant analysts, the gap ranges from a few dollars to more than $50 in December, signaling “strong buying activity.” It remains to be seen how much BTC buying activity will increase as the date of spot Bitcoin ETF approval approaches.

Meanwhile, MicroStrategy, the largest corporate owner of Bitcoin globally, continues to accumulate BTC amid the hype surrounding the launch of spot Bitcoin ETF. As reported by COINOTAG earlier, the company added approximately $615 million worth of Bitcoin to its wallet, bringing its total holdings to around $6 billion, by the last week of December 2024. As of that date, the company holds 189,150 BTC.

BTC Price Correction

In this context, Arthur Hayes, co-founder of BitMEX, warns of a potential correction in the BTC price due to U.S. dollar liquidity dynamics. According to reports by COINOTAG, Hayes anticipates a 40% chance of correction by 2024, pricing in interest rate cuts by the U.S. Federal Reserve.

On the other hand, Standard Chartered bank predicts that the BTC price could reach a six-digit figure by the end of 2024. By the midpoint of 2024, the crypto market will have witnessed two significant milestones, the approval of spot Bitcoin ETF, and the Bitcoin Halving, both of which are expected to be bullish events for the top cryptocurrency.

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Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
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