Bitcoin’s price broke above the February 2023 highs of $25,200 after U.S. inflation data was in consensus with the market expectation. The potential fallout of the global banking system further promoted Bitcoin investment as a non-correlated global hedging instrument similar to gold in March. The correlation between gold and Bitcoin (BTC) has been rising since the start of the month.

However, institutions have become net sellers of Bitcoin in 2023, which raises some red flags. Bitcoin whales — wallets holding between 10 BTC and 10,000 BTC — have not participated in the current rally. It appears that retail investors are mainly driving the uptrend. The divergence between whale and retail investment could cause a short-term pullback in Bitcoin prices.

Institutions are forced BTC sellers, says analyst

Institutional crypto asset flows data from CoinShares reveals the largest two-week sell-off from investment funds since March 6. The outflows have erased the positive inflows for this year, with the net year-to-date flow equalling negative $177 million.

CoinShares’ data tracks the portfolio of global institutional funds with digital asset exposure, including Grayscale, CoinShares XBT, 21Shares, Purpose and 3iQ.

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Author: Nivesh Rustgi

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