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Institutional players seem to be buying the dip aggressively, which is the exact opposite of retail sentiment, even though Bitcoin broke below the $100,000 mark and caused a wave of market panic. Some of the biggest trading companies and liquidity providers in the industry — including Coinbase, Cumberland, DRW, Galaxy Digital and Wintermute — have sent 4,094 BTC, or about $405 million, to Anchorage Digital, a significant institutional custodian over the last nine hours.
Residual market flows
There are no tiny residual flows in the transfers. These are concentrated transactions worth hundreds of Bitcoins that are carried out frequently over a brief period of time. A total of 81.9 BTC was sent by Cumberland. Batches in the 500 BTC range were frequently transferred by Coinbase. Galaxy Digital moved a total of almost 1,500 BTC. Wintermute made additional allocations of its own. Everything ended up in Anchorage, which is a pure custodial endpoint usually utilized for long-term holding collateralization or structured institutional strategies rather than an exchange or trading venue.
Bitcoin's market performance
In the meantime, the price chart for Bitcoin demonstrates the market's typical reaction to an overheated leverage situation: a sharp decline. BTC entered a technical free-fall after breaking below $100,000, slicing through its short-term recovery wedge and landing close to the mid-$96,000 area. Liquidations have already decreased, and the RSI is now pushing into oversold territory.
This would typically signal the start of a destabilizing downtrend. However, that narrative is entirely at odds with the institutional flow. This is precisely the type of structural divergence that frequently occurs before powerful bounces. Leverage flushed and retail panicked, but real-money bids emerged at the bottom of the move.
During a market correction, Anchorage receives billions in custody inflows; this is not speculative positioning but rather the repositioning of wealthy players for the next leg of the cycle. It is unclear if this is the lowest point for Bitcoin, but the reasoning is obvious: when $405 million goes into cold custody while the price is plummeting, someone with size thinks this decline is a discount rather than a break in the trend.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team