Industry giants are quietly making big moves as retail investors are confused about the recent Bitcoin price volatility. According to data from Glassnode, Canada’s Purpose Bitcoin ETFhave filled their bags by accumulating more than 1750 Bitcoins in the last two days.
Yesterday, the Purpose Bitcoin ETF recorded its biggest entry, accumulating over 1000 BTC in a single day. This suggests that institutional players are hoarding from the bottom.
Shortly before MicroStrategyIt is also worth remembering that . The company added 600 more Bitcoin to its balance sheet. Similarly, El Salvador He also announced that he has made purchases in the last two weeks on the Bitcoin decline.
Latest Situation in Bitcoin Traders
On-chain data analysis firm centimentreported that Bitcoin trader sentiment has turned positive in the past two weeks for the first time in three months. However, he added that as the trader sentiment became enthusiastic, Bitcoin experienced a price drop.
🥳 The ratio of positive vs. negative comments about #Bitcoin across #crypto social platforms had its second most positive week in three months. And like the last time, #crypto markets have dropped. Look for crowd fear & impatience as the breakout sign. 🚦 https://t.co/hMrLhutyef pic.twitter.com/E4aiRWV0au
— Santiment (@santimentfeed) February 3, 2022
Although bitcoin price recovered earlier this week, it is still trading below its 50-day moving average. crypto analyst Lark Davis He made the following comment on the subject:
“Bitcoin had a nice rally from 33,000 down to 39k, but we still haven’t managed to break out of the downtrend, we’re still a few thousand away from the 50-day MA and a long way from the true bull-bear line at 49k (200-day MA).”
Also Bitcoin Fear and Greed IndexAccording to , the market is currently in the “extreme fear” zone. In this case, it looks like it will take time for retail buyers to gain some confidence after a strong correction last month.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.