Bitcoin stayed stable this week, although in the negative as investors were concerned about continuing global macroeconomic insecurity. The leading cryptocurrency has fluctuated between $18,400 and $20,390 over the previous month, as the asset’s volatility has diminished.
Bitcoin was trading at $19,120 at the time of writing, a decrease of 0.19% in the last 24 hours after falling to $18,492 on Wednesday.
Recent Bitcoin price activity, despite the slowness, demonstrates its resilience throughout the current weak market. After almost five months of poor activity, the fundamentals also seem to be improving in perspective.
On Wednesday, Ki Young Ju, CEO of the South Korean on-chain monitoring business CryptoQuant, revealed a measure indicating a nearly $1 billion bitcoin outflow from the biggest cryptocurrency exchange in the United States, Coinbase.
“It seems they broke the piggy bank to transfer Bitcoin to institutional customers,” Young tweeted after examining the transactions.
In a second note, the company said that the “transaction pattern suggests the formation of a new custodial wallet for institutional customers,” implying that institutions remain unfazed by the almost year-long price decline that has driven away leveraged retail traders.
John D’Agosktino, a senior adviser at Coinbase, said in an interview with Anthony Scaramucci on Tuesday that the institutional adoption of cryptocurrencies was “going very, very quickly.” According to the expert, adoption has been delayed by the absence of a clear legal framework, but things are beginning to change as legislators move to establish legislation that has reassured institutional investors.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.