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Whales and Institutions Hold onto Bitcoin Despite Correction: Santiment

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Tue, 03/23/2021 - 13:48
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Yuri Molchan
According to recent analytics data, Bitcoin keepers are holding onto their Bitcoin really tightly despite seven percent correction in price
Whales and Institutions Hold onto Bitcoin Despite Correction: Santiment
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According to recent data from Santiment analytics company, investors at the moment are ignoring the seven percent Bitcoin correction and are accumulating Bitcoin to move it off of exchanges.

Bitcoin has plunged from the $58,000 zone to $53,765 on Monday and, by now, has made a slight recovery to the $55,222 level on U.S.-based Kraken exchange.

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Investors still prefer to hodl, despite the correction

Chinese crypto journalist Colin Wu has analyzed data provided by CryptoQuant data provider and shared that, despite the current Bitcoin correction that has been going on since March 14, retail investors and financial institutions are still hodling their Bitcoin instead of selling it.

Still, Bitcoin trading has not stopped completely, he adds, but 93 percent of it has been taking place through OTC (over-the-counter) exchanges rather than centralized ones; the Fund Flow Ration across exchanges has been only seven percent.

Data from Santiment adds that its team has witnessed the largest Bitcoin outflow from crypto exchanges over the past six weeks.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.