Cryptoquant: "BTC Surge, Led by Institutions"
Bitcoin (BTC), which recorded a new high on the 10th, broke its all-time high again on the morning of the 11th with institutional buying, including Exchange Traded Funds (ETF).Bitcoin reached its all-time high at $116,526 around 6:20 AM on the 11th, approximately a day after breaking its previous record following the potential interest rate cut announcement by the US Federal Reserve.
Bitcoin's new high is understood to be driven by institutional buying. The on-chain analysis platform Cryptoquant reported in a report released on the 10th that individual investor buying on centralized exchanges (CEX) has reached its lowest point since April.
Cryptoquant revealed that the net inflow of individual investors on CEX for July is less than $12 billion (approximately 16.458 trillion won). In particular, the net inflow of individual investors was found to have further intensified just before Bitcoin's new high on the 10th.
Cryptoquant stated, "The decrease in individual investors' exchange deposits means that selling pressure from individual investors has decreased" and "The decrease in individual investors' buying and Bitcoin's new high indicate that large investors are driving price movements."
Reporter Seung-won Kwon ksw@blockstreet.co.kr