MAC_D
BTC has risen to 21K, but institutional investors are just watching
When looking at the three indicators while the BTC rose to 21K, it was hard to say that there was a buying trend by institutional investors. Therefore, it seems better to find calm than excitement about the rise. First, looking at the Fund Volume index, the level of transaction volume is insignificant and there is nothing unusual. Second, according to the Fund Holdings index, institutions' BTC holdings are rather decreasing, and only prices have risen. Third, no unusual transactions occurred in Over-The-Counter transactions. Usually at the bottom, institutional investors want to buy quietly through OTC trading. However, this trading was simply actively traded only on the exchange, and no unusual transactions occurred on the onchain. Looking at the above three contents, I don't think the current rise means a real uptrend transition. I think this is the result of buying sentiment, which was suppressed when the U.S. CPI index was recently released. The current institutional investors have remained calm and just watching. OTC trading will be brisk when they expect a full-fledged uptrend turn.