Institutions are buying Bitcoin like it’s late 2020

Bitcoin (BTC) reserves on derivatives exchanges have dropped to levels last seen before the May price crash.

Data from on-chain analytics service CryptoQuant confirmed that as of Tuesday, derivatives reserves totaled 1.256 million BTC — the least since May 11.

Institutions repeat Q4 2020

Against a backdrop of institutional interest returning to cryptocurrency instruments such as the Grayscale Bitcoin Trust (GBTC), figures show that major players have in fact been adding to their BTC holdings…


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