Bitcoin experienced a 40% rise from the last low at $39500, reaching as high as $57800. So what’s behind this rise?
Some analysts think that this sharp rise in Bitcoin is driven by insiders and this news has not yet been shared with the market. At this point, we observe that the expectations for Bitcoin ETF approval have come to the fore. We do not yet know the news that triggered the rally in Bitcoin, but some data shows that this rise is supported by institutional buying.
The latest data shared by market maker company B2C2 shows that retail traders do not play a big role in the movement in Bitcoin, and they are still suspicious of Bitcoin.
In its latest bulletin, B2C2 stated that investors are still “moderately biased” to be on the buyer side, and risk appetite among retail investors is still not very high.
“We see an interesting picture in the buyer and seller charts in Bitcoin. In the categories we examined the Buyer-Seller charts, we see that only the sales in the stock markets are more than the buyers. This shows us that retail investors were not behind the last rally. This move seems to be driven more by institutional money.”
When we look at the data of B2C2, OTC desks are on the buyer side with 54.8%, while retail investors are on the seller side with 57.4%.
The buyer-seller ratios by category are as follows:
*Not Investment Advice.