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Bitcoin (BTC) price is up 23% in a week, but institutional investors are “watching” for now, a blockchain analytics firm has found. CryptoQuant.
After two months of price hovering around $16,000-17,000, Bitcoin is once again seeing a green field. It is up 2% in the last 24 hours, up more than 23% in the last 7 days and is currently trading at $21,188 (9:20 UTC). Overall, it’s up 26% over the past month.
This rise can be clearly seen in the 14-day price chart below, which shows the upward trend since January 11th.
On the other hand, it is down 51% over the year and down 69% from its all-time high set in November 2021.
However, institutional investors still appear to be on the sidelines, despite the price increases.
according to In a CryptoQuant post published on January 15th,
“Current institutional investors are calm and watching. OTC [over-the-counter] Trading will be active when they expect a full-fledged uptrend reversal. ”
In a post, CryptoQuant analyst MAC_D pointed out that there are three indicators to watch while the cryptocurrency is rising to $21,000, but they do not indicate buying trends by institutional investors.
- Fund Volume Index: The level of trading volume is irrelevant and nothing to write home about.
- Fund Holdings Index: Institutional BTC holdings are declining, only prices are rising.
- Over-the-Counter Transactions: No unusual transactions occurred here. Actively traded only on exchanges, no unusual transactions on-chain. Usually at the trough, we see institutional investors quietly buying through his OTC trades.
Analysts say the current rally is unlikely to signify a move to an actual uptrend, given the three indicators.
Rather, the author added:
“I think it’s a result of subdued buying when the recent US CPI was released.
of U.S. Bureau of Labor Statistics released its Consumer Price Index (CPI) on January 12. Said All Urban Consumers’ CPI fell by 0.1% in December 2022 after rising by 0.1% in the previous month. The all-commodities index increased 6.5% in his December 12 months. This is the smallest increase in 12 months since the period through October 2021.
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