Bitcoin Bulls Defy Downturn as ETFs Soar and Whales Pile In
The price of Bitcoin has dipped below $84K after briefly exceeding $87,000 earlier in the week. However, despite this decline, several factors suggest that the asset remains poised for further upside.
One key indicator is the continued interest from institutional investors. Data shows that spot Bitcoin ETFs have attracted over $2.5 billion in five consecutive green days, with September 21 being the strongest day at nearly $1 billion.
The declining amount of BTC on cryptocurrency exchanges also bodes well for the market. With a four-month low of around 2.7 million coins held on exchanges, this reduction in immediate selling pressure is considered bullish.
The whale activity is another sign that the market may continue to rise. Large investors have purchased almost 114,000 units since mid-July, growing their collective holdings by 2.22% to roughly 5.24 million BTC, representing 26% of the asset's circulating supply.