Bitcoin (BTC) reserves on derivatives exchanges have fallen to levels not seen before the May price drop.
Data from the on-chain analysis service CryptoQuant confirmed that Derivatives reserves stood at 1.256 million BTC on Tuesday, the lowest level since Jan.
Institutions repeat the fourth quarter of 2020
In a context where institutional interest in cryptocurrency instruments such as the Grayscale Bitcoin Trust (GBTC) is returning, The numbers show that key players topped up their BTC stocks throughout the slide.
The analyst William Clemente IIIÂ commentedThis week that “The big capitals have bought.”
Bills of exchange prove it, because The trend last observed at the end of 2020 is repeated on derivative platforms.
Even during the most intense phase of the BTC bull run this year, derivative balances grew in reverse: a declining balance marked only by the beginning of the rise to $ 64,500.
“As of May 19, companies with 10,000-100,000 BTC have added +269,450 to their holdings ($ 12,100 million),” Clemente III added and more dates highlighted.
â ???? These companies have allocated between $ 450 million and $ 4.5 billion of their capital to Bitcoin. ”
Accumulation in action
Entities weren’t put off by any bearish narrativeincluding the defeat of Chinese miners since May or the ongoing US infrastructure bill saga.
As Cointelegraph previously reported, Retail foreign exchange balances have been falling for some time.
From Tuesday, the total foreign exchange balance was 2.44 million BTC, also a three-month low.