CryptoQuant: “Corporations Collect Bitcoin Before ETF Approval!”

As Bitcoin continues its resistance against the rise in DXY at the $50,000 level, a data came from CryptoQuant CEO Ki Young Ju.

Noting that there has been a serious increase in the number of Bitcoins transferred in recent days, the CEO stated that these transactions are not related to the money deposited and withdrawn from the stock markets, and asked his followers’ opinions on the subject. When asked about the source of the increase in these transfers, a follower of Ju answered “Bitcoin-backed ETF pre-run”.

By quoting this, the CEO said that he liked this answer, expressing that he also thinks in this way.

Bitcoin transfers – BTC transfers to exchanges

Ju made a similar post in September 2020. When we look at the graphs, we observe that there is a great similarity. After that date, it turned out that these transfers were related to Bitcoin purchases by institutional investors, and Bitcoin’s 2020-2021 bull run began.

Ju and some investors think these transfers are related to Bitcoin purchases in the over-the-counter markets, and institutional investors are expanding their positions in anticipation of the approval of the Bitcoin ETF.

As it stands, it would not be right to draw conclusions from this data alone. However, the similarity of the graph to 2020 signals that something is being prepared in the background.

While the expectations that the Bitcoin ETF will be approved by the SEC are not very high, we see that the expectation that the Bitcoin futures ETF will be approved is high. We will be watching whether this expectation will continue to contribute to the positive separation of Bitcoin from global markets.

*Not Investment Advice.

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