Institutional Investors Return to Bitcoin and Crypto Market After FTX Crash
Market sentiment in the US around the crypto market is picking up, said the founder of CryptoQuant crypto analytics portal, based on the Coinbase Premium Index. For the first time since the collapse of major crypto exchange FTX, the index climbed into the green zone.
Market sentiment in the US is picking up. $BTC The hourly price premium in Coinbase turned positive for the first time since the FTX bank run.https://t.co/XQXuT8R0oW pic.twitter.com/3vXy2tFtuy
— Ki Young Ju (@ki_young_ju) November 30, 2022
As reported by U.Today earlier, the Coinbase Premium Index helps the community understand the sentiment from large investors operating on the trading platform to professionals on the exchange of the same name. It also includes institutional investors, of which Coinbase holds the majority, according to its Q3 report this year.
The index is rising due to increased trading volume on the exchange, indicating a return to purchasing power and the start of bitcoin position accumulation by these big players.
Is the Bitcoin rally on the table?
The return of this crypto market weathervane to positive values is another confirmation of bullish sentiment. It was only two days ago that a major Bitcoin accumulation also appeared, with almost 50,000 BTC bought by various investors over a five-day period at the end of November. Even earlier, an all-time high was reached in the number of wallets holding between 0.1 and 10 BTC.
The trend is clear and understandable. As fear reigned in the crypto market, the smart money pulled out their bags, seized the right moment, and started buying.
