Crypto whales started actively buying bitcoin amid the market decline

Online metrics indicate growing activity on the part of institutional investors, who have begun to buy up bitcoin en masse BTC $74,844.09 Bitcoin 0.82% Market capitalization $1.48 trillion VOL. 24 hours $4.85 billion amid the flagship crypto asset’s slump. Back on January 11, BTC reached $ 49,000, after which it lost about 19% in value. The number of open long positions on the BTC/USD pair in the derivatives market increased by almost 8%.

Data from TradingView shows that over the weekend, bitcoin was trading at a premium of $ 100 on Bitfinex, which is significantly higher than average. An analyst with the nickname Byzantine General noted that over the past 3 days, crypto-geeks have accumulated about $ 50 million in bitcoin, and this can be seen as a bullish sign.

As a reminder, the US recently approved spot bitcoin ETFs. The main digital coin reacted to this event with a sharp rise, but soon massive sales began in the market. Of course, industry funds attracted institutional capital, but the outflow of funds from the Grayscale Bitcoin Trust offset it Miners have also become more active. Amid a sharp rise in the value of BTC, they began massive sales to capture profits locally.

The macroeconomic situation does not add to the optimism. Last week, the US released statistics showing that inflation in the country reached 3.4%. On January 31, the Fed will hold its next meeting, and it is likely that the agency’s representatives will stick to tougher rhetoric. If inflation becomes sustainable, the Fed is unlikely to ease monetary measures in the coming months.

We would like to add that at the time of writing, bitcoin is trading at $ 40,240, which is 3.4% higher than yesterday. The asset’s market capitalization is $ 789 billion, and traders have executed daily trading deals worth $ 26.6 billion.