Strive just dropped another $280 million to buy 3,311 $BTC .
Its biggest purchase since January.
BTC is currently at 83,617, up just 1.3% in 24 hours. Funding rates are near zero, and there hasn’t been much increase in futures positions either. The market sees an institutional-sized order and barely makes a ripple.
Their cost basis is close to the current price. If the price takes a hit later, this level could easily turn into resistance.
Institutional buying doesn’t guarantee a short-term direction, so don’t get carried away just because you saw “biggest purchase.” I’m sitting back and watching.
Are you holding, have you sold, or are you watching from the sidelines?
#BitcoinBreaksAbove84000 #InstitutionsStillBuying
Its biggest purchase since January.
BTC is currently at 83,617, up just 1.3% in 24 hours. Funding rates are near zero, and there hasn’t been much increase in futures positions either. The market sees an institutional-sized order and barely makes a ripple.
Their cost basis is close to the current price. If the price takes a hit later, this level could easily turn into resistance.
Institutional buying doesn’t guarantee a short-term direction, so don’t get carried away just because you saw “biggest purchase.” I’m sitting back and watching.
Are you holding, have you sold, or are you watching from the sidelines?
#BitcoinBreaksAbove84000 #InstitutionsStillBuying