As the price of Bitcoin (BTC) slipped to below $40,000, data shows increased demand from institutional investors. According to data from CryptoQuant, a spike in Bitcoin outflows has been recorded, with 30k BTC leaving Coinbase Pro.
As pointed out by Ki-Young Ju, the CEO of on-chain analytics platform CryptoQuant, institutional interest in BTC “might be the big narrative” in the crypto space once more.
Bitcoin Falls to Monthly Low as Sell-Off Accelerates
Bitcoin dropped to the lowest levels seen in more than a month as investors withdrew money from the world’s largest cryptocurrency. The leading asset fell by as much as 4.2% on Monday, April 18th, to trade as low as $38,580.
The 24 hour price chart for Bitcoin (BTC). Source: Tradingview
According to market analyst John Roque, Bitcoin technical charts are forecasting a further drop in price as the asset is “not close to an oversold reading.” Bitcoin’s near-term support is at $35,000, and, should it fail to hold, Bitcoin could dip as far as to retest $30,000.
On the Flipside
- As a result of the 4% price drop, the liquidation of Bitcoin and Ethereum traders across exchanges has crossed $230 million in the past hour. Long positions account for 88.72% of the wipeouts.
Why You Should Care
The recent Bitcoin outflows from Coinbase and other exchanges are seen as an indicator for the return of institutional investors to the crypto space.