US Institutional Investors Buying Bitcoin Aggressively, On-Chain Data Shows

Amid the speculation around the US Securities and Exchanges Commission’s (SEC) spot Bitcoin ETF approval, institutional buyers appear to be heavily accumulating Bitcoin (BTC) ahead of the expected deadline of January 10, 2024.

Also Read: Bitcoin ETF: How Likely Is US SEC To Give Early Approval?

US Buyers Accumulating Bitcoin

When looked at the difference in BTC price on crypto exchanges Binance and Coinbase, there is an increasing gap in recent times. This could be a clear sign of aggressive buying activity from buyers from the United States. The range fluctuates from a few dollars to more than $50, analysts on CryptoQuant said, adding that this is a sign of “robust buying activity.” It remains to be seen if the BTC buying activity intensifies in the lead up to the spot Bitcoin ETF approval deadline.

Meanwhile, MicroStrategy, the world’s largest institutional holder of Bitcoin, continues to accumulate BTC amid hype around the launch of spot Bitcoin ETF. Earlier, CoinGape reported that the company made a purchase of $615 million worth of Bitcoins, adding on to its bag worth around $6 billion. The firm holds as many as 189,150 BTC as of the last week of December 2024.

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