Bitcoin has grown significantly over the past two weeks, but analysts at B2C2 believe that it was not retail traders who influenced this, but institutional investors.
Analysts noted that in recent days the balance in the cryptocurrency market has been “moderately” biased towards buyers. However, if the majority of market participants adhere to this position, then users of cryptocurrency exchanges, on the contrary, more often sold their stocks of bitcoins.
“Interestingly, cryptocurrency exchanges have become a notable exception. Such sites are the only category with a bias towards the sale of cryptocurrencies. Thus, the growth of the cryptocurrency market is mainly driven by the money of institutional investors, while retail traders this time were left on the sidelines, ”reads an article on the B2C2 blog.
In the period from October 3-10, the preponderance towards short positions on retail cryptocurrency exchanges was 57.4% versus 42.6%. On the OTC platforms, the volume of transactions for the purchase of cryptocurrencies, on the contrary, is higher – 54.8% of the total volume of transactions.
Recall that at the end of September, the first cryptocurrency was trading at $ 41,000. Now the BTC rate is $ 56,500, which indicates a 30% growth in two weeks.
The data is confirmed by the statistics of the CoinShares company – over the past week, institutional investors invested $ 226 million in cryptocurrency products. This is more than double the inflow of funds a week earlier.
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