Data from on-chain analytics service CryptoQuant has shown that Bitcoin reserves on derivatives exchanges have fallen to 1.256 million BTC, indicating the lowest level it has fallen since the epic May crash.
This figure is indicative of the rising interest of institutional players in BTC once again. According to popular crypto analyst, William Clemente III, “Big money has been buying” the leading digital asset during its earlier price crash. This comment is corroborated by data from Grayscale Bitcoin Trust (GBTC) which also shows that the market is beginning to witness a repeat of 2020 Q4.
Also, derivatives platforms across the market are also witnessing a repeat of the market performance seen towards the tail end of 2020. Clemente III highlighted that “since May 19th, entities with 10K-100K BTC have added +269,450 to their holdings ($12.1B),” while predicting that these different institutions might have allocated as much as $4.5 billion to Bitcoin alone.
This is quite an interesting point to note that despite the market crash of the leading coin, plus the level of hostility bestowed on it by the Chinese authorities coupled with the recent uncertainty placed on the industry by the new infrastructural bill, institutional interest in BTC is rising.
