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US Investors Accumulate Retail Positions
Following the last dip, small holders sold their assets to hedge losses, lowering wider sentiments. However, a group of whales began massive accumulations in the United States market. This extended to other crypto assets, showing high optimism. A slew of factors are responsible for bullish firms in the US despite growing macro headwinds.
The Coinbase Premium Index illustrates this trend over the past weeks. After BTC price plunged to $110k from $123k, the Index soared to its highest point in nineteen months at 0.182. For most investors, the Index remains pivotal to gauge US investor leanings in times of a global correction.
It is usually expected for institutional investors to pick up retail positions during dips, but this raised interest due to the spike in levels. With the rush in institutional Bitcoin accumulations, especially due to increased treasury reserves, these large players look to gain a low entry point. CryptoQuant researchers opine that it indicates a strong buying surge on Coinbase.
“Coinbase and the BTC/USDT pair on Binance serves as a barometer for U.S. buying or selling pressure. During a market-wide sell-off, this index is expected to turn negative (a discount) as U.S. investors contribute to the selling pressure. However, the spike to a 19-month high at the exact moment of the crash indicates that an incredibly strong wave of buying was underway on Coinbase. This is a textbook example of institutional “dip-buying” on a massive scale.”
 
Whales also moved those assets out of centralized exchanges to other custodians within the week. Ethereum and XRP also recorded similar movements with a sharp price recovery. At the time of writing, the leading altcoin traded at $4,158, a 6% gain in the last 24 hours, while XRP surged 7%. These assets spiked the altcoin swing to propel fresh gains after major setbacks. On the flipside, minor losses were seen among retail holders in the same period.
Source: https://zycrypto.com/institutional-investors-raise-bitcoin-ether-xrp-stakes-amid-retail-panic/