The demand for Bitcoin remains big, despite the most recent price corrections, as BTC whales, as well as institutions took advantage of the latest dip and bought huge quantities.
According to an update issued on March 9 by on-chain analytics service Material Indicators, the buy orders of $100,000 or more, observed on Binance, reached all-time highs. And the situation wasn’t very different on other top exchanges either.
No hesitation from big buyers
Surprisingly or not, larger Bitcoin buys appeared to be more frequent than ever lately, as investors are putting a lot of money into exchanges. As a matter of fact, smaller allocations have actually plummeted this year, matching the current popular narrative that many institutions are investing in cryptocurrencies massively.
“The $100K – $1M class is now also about to make a new ATH,” Material Indicators said in a comment on Twitter. “Meaning, they bought the dip.”
It’s worth mentioning that the number of big orders declined following the announcement that the U.S. $.19 trillion stimulus pack had passed the Senate. However, BTC whales had just enough time to stack up some more.
Coinbase recorded one of the biggest buys
Binance wasn’t the only exchange to record some serious moves during the dip. Coinbase, for example, saw a batch of almost 12,000 BTC leaving, as investors wanted to take advantage of the prices.
“That happened just before the recent surge in price. Nice coincidence,” analyst Lex Moskovski commented, after interpreting data from Glassnode.
Finally, it will be very interesting to see how the institutional involvement around Bitcoin will increase over the next period, as it has all the chances to begin fueling its entry as standard for investors, besides traditional plays.
Binance believes that the upcoming major BTC/USDT resistances could be around $58,000, the token’s all-time high, and $59,500.