Who can save bitcoin?
The world's biggest cryptocurrency can't seem to catch a break. It finally looked to be regaining strength this month, breaching $25,000 for the first time since its June collapse, only to relapse towards $20,000.
Furthermore, the amount of bitcoin held for over a year has increased by 54,300 on average in the last four weeks, the largest rise in about four months, Chainalysis said. Meanwhile, cryptocurrency exchanges have seen net outflows for three straight months as investors pulled their tokens into "cold storage" rather than selling, according to Arcane Research.
They have been selling hard, according to some market participants who say these big investors have been the primary driver of the crypto slump over recent months. Hindi pointed to a steep discount between futures contract prices and the bitcoin spot price on the CME exchange as further evidence of institutional bearishness.
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