Galaxy

Bitcoin

Million

Giant

While the leading cryptocurrency Bitcoin (BTC) started the new week with a decline due to critical data coming from the US, the reason for the decline may be institutional investors.
Because according to the data, institutions stopped buying USDT from the Tether Treasury and depositing it into exchanges.
On-chain data monitoring platform Lookonchain said that institutional investors stopped buying USDT from the Tether Treasury and depositing them on cryptocurrency exchanges two days ago.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Institutions seem to have temporarily stopped buying, and the price of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> dropped 4.5% today!
 We noticed that institutions stopped receiving <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> from <a href="https://twitter.com/hashtag/TetherTreasury?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#TetherTreasury</a> and transferring it to exchanges 2 days ago.<a href="https://t.co/0XKiPmjJed" rel="noopener noreferrer nofollow">https://t.co/0XKiPmjJed</a> <a href="https://t.co/NRFkp4Vqan" rel="noopener noreferrer nofollow">pic.twitter.com/NRFkp4Vqan</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1822899987287552267?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 12, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
At this point, analysts assess that the decline was caused by institutional investors who bought at the bottom and saw declines as opportunities and stopped their purchases.
As you may recall, giant crypto market maker Cumberland deposited 95 million USDT to centralized exchanges (CEXs) such as Coinbase, Kraken and OKX last week.
Besides Cumberland, other major companies have also withdrawn hundreds of millions of dollars worth of USDT from Tether.
Related News: <a href="https://en.bitcoinsistemi.com/while-jump-trading-continues-to-sell-ethereum-the-giant-company-wanting-to-buy-the-bottom-pours-95-million-into-4-exchanges-including-binance/" target="_blank" rel="noopener noreferrer nofollow">While Jump Trading Continues to Sell Ethereum, the Giant Company Wanting to Buy the Bottom Pours $95 Million into 4 Exchanges, Including Binance!</a>
<h2 id="bitcoin-transfers-have-started">Bitcoin Transfers Have Started!</h2>
Apart from the decrease in purchases by institutional investors, transfers to stock exchanges also increased.
At this point, Galaxy Digital has deposited $16.14 million worth of Bitcoin on Binance and OKX.
On-chain analyst The Data Nerd reported in a post that Galaxy Digital has deposited 276 BTC worth $16.14 million to cryptocurrency exchanges Binance and OKX.
Currently, the company still has 3,574 BTC worth $210.34 million in its wallet.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 4 hours ago, a wallet (belongs to <a href="https://twitter.com/hashtag/Galaxy_Digital?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Galaxy_Digital</a>) deposited totally 276 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> (~$16.14M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> and <a href="https://twitter.com/hashtag/OKX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#OKX</a>
 Just now, he still owns 3,574 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> (~$210.34M)
 Address:<a href="https://t.co/67AQNcE6Rl" rel="noopener noreferrer nofollow">https://t.co/67AQNcE6Rl</a><a href="https://t.co/MD4R3KD7b3" rel="noopener noreferrer nofollow">https://t.co/MD4R3KD7b3</a> <a href="https://t.co/avKvgX4lON" rel="noopener noreferrer nofollow">pic.twitter.com/avKvgX4lON</a>
 — The Data Nerd (@OnchainDataNerd) <a href="https://twitter.com/OnchainDataNerd/status/1822918645867311266?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 12, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/what-causes-the-decline-in-bitcoin-latest-data-points-to-institutional-investors/" rel="noopener noreferrer nofollow">What Causes the Decline in Bitcoin? Latest Data Points to Institutional Investors!</a>

What Causes the Decline in Bitcoin? Latest Data Points to Institutional Investors!

Table of Contents

Bitcoin Sistemi EN

Other articles published on Aug 12, 2024

Michael Saylor's MicroStrategy Plans to Raise $2B to Buy More Bitcoin

Zest Protocol Enhances Stacks with Bitcoin Lending Market

Pump.fun's High Failure Rate Revealed: 98.6% of Memecoins Never Launch

AI Predicts Shocking Solana Price by August 31, 2024 – You Won’t Believe the Numbers!

Argo Blockchain Settles $35 Million Debt

Donald Trump Launches Bitcoin-Themed Sneakers, Quickly Sell Out

Join our free newsletter for daily crypto updates!