The co-founders of leading blockchain analytics firm Glassnode are revealing that institutional investors are loading up on Bitcoin as BTC trades below the $30,000 level.
In Glassnode’s latest newsletter, Jan Happel and Yann Allemann say that weekly crypto inflows show that institutional investors are gobbling up Bitcoin as it continues to flash signs of weakness.
“What is interesting to observe is that the demand for Bitcoin exposure in traditional markets strengthened. Following Bitcoin’s $69 million inflow noted in [May 30th] the capital flows nearly doubled last week as institutional investors bought into weakness at a discount.”
While the Glassnode co-founders say that Bitcoin is witnessing weaker demand from long-term holders on top of selling pressure from short-term holders, they highlight that BTC is