Institutional investors have already shown how bullish they are on Bitcoin (BTC) and the broader crypto market, especially as they continue to accumulate USDT during the downturn. This bullish sentiment was once again on display as the institutional investor sent $445 million of USDT to exchanges to buy more crypto.
Cumberland Transfers $445 Million USDT to Exchanges
On-chain analytics platform Lookonchain revealed in a post on X (formerly Twitter) that crypto trading firm Cumberland has deposited $445 million from Tether Treasury into several exchanges. According to data from on-chain analytics platform Arkham Intelligence, Cumberland has been using USDT funds to buy more cryptocurrencies, with Bitcoin accounting for the majority of the firm’s purchases in the past 24 hours.
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During this period, Cumberland withdrew significant amounts of Bitcoin from various exchanges including Coinbase, Robinhood, and OKX. This development coincides with the leading cryptocurrency recently breaking $60,000, highlighting the increased buying pressure Bitcoin has seen thanks to institutional investors like Cumberland.
Spot Bitcoin ETF issuers have also bought significant amounts of Bitcoin over the past 24 hours, thanks to net inflows recorded on August 8. According to data from Farside Investors, the fund recorded net inflows of $194.6 million on the day. This was the second consecutive day of net inflows for the fund, after $45.1 million on August 7.
Other investors, including retail investors, have shown confidence in Bitcoin and the broader cryptocurrency market during this recent market crash. Lookonchain noted that Binance has seen $2.4 billion in net inflows since the market crash on August 5. This includes $1.33 billion in USDT and $519 million in USDC, as these investors look to buy more cryptocurrencies and increase their positions.
What’s next for Bitcoin?
Bitcoin has bounced back above $60,000 after falling below $50,000 on August 5. Given the macro concerns that remain, there are concerns that this Bitcoin bounce could be a relief bounce rather than a bullish reversal. However, crypto analyst Mikybull Crypto is confident that Bitcoin has found its bottom and will continue to rally.
In a recent X post, he once again mentioned the Volatility Index (VIX), which he said gives all the signals that a macro bottom is in place. He said the next markup phase will be “fierce.” In the meantime, Bitcoin’s ability to hold above $60,600 will be crucial to confirm this bullish reversal. Crypto analyst Rekt Capital said that if stability above this level continues, Bitcoin could revisit the $65,000 price level over time.
According to data from CoinMarketCap, at the time of writing, Bitcoin is trading at $60,900, up more than 7% over the last 24 hours.
Source: NewsBTC.com