A Chainalysis report points out that large investors have accumulated $ 3 billion in Bitcoin (BTC) during the last fall. The value is equivalent to approximately R $ 16 billion at the current price. Meanwhile, Brazilian bank BTG Pactual reinforced the purchase recommendation.
For both institutions, the downturn was just a sign of stress. And this volatility was very well taken advantage of by large investors.
A lot of accumulation and few new Bitcoins sold
According to Chainalysis data, about 77,000 BTC were purchased last week. Still, the document reinforces that part of this offer (75%) came from cryptocurrencies that were already in circulation in the market.
On the other hand, only 1% of the total BTC sold was placed on exchanges by the miners. And that amount has been close to that percentage since the beginning of the month.
The data indicates that, despite fears about China, no major miner has sold its cryptocurrencies. For Philip Gradwell, chief economist at Chainalysis, this is an important factor.
“Miners do not provide the market with as much liquidity. While they sold more BTC at the end of last week, other people did too. For this reason, their relative importance has remained low ”, he explained.
BTG sustains bullish potential
Parallel to Chainalysis, BTG Pactual also showed optimism with the increase in BTC. André Portilho, partner and responsible for the bank’s Digital Assets division, spoke about the fall to the Seu Dinheiro portal.
He assessed the move as a price correction due to profit taking. This had been happening since April, but was intensified by the negative news about China and Elon Musk.
Portilho cited Tesla’s case of not accepting BTC as a means of payment. For him, the automaker would raise a tiny amount compared to the total market offer.
The news from China, on the other hand, is not exactly a novelty for the manager. Even so, he advises investors to be careful when exposing themselves to cryptocurrencies.
“To buy BTC is to enter into a long-term thesis. The only way to withstand short-term volatility is to have an allocated percentage that allows you to withstand significant declines such as the current one, ”says Portilho.
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