Institutional holders have been buying thousands of Bitcoin (BTC) tokens in the past few weeks as market sentiment appears to be improving.
Prominent buyers include Strategy, the company headed by Michael Saylor whose BTC treasury currently holds 528,185 tokens after it bought over $2.5 billion worth of the digital asset in March.
Meanwhile, the Chief Executive Officer of Tether, the company behind the popular stablecoin USDT, informed that they bought 8,888 BTC tokens as well and now hold nearly $8 billion worth of Bitcoin.
Finally, a Japanese Bitcoin treasury company called Metaplanet bought another 696 BTC as well and now holds 4,046 tokens.
This level of institutional buying is a vote of confidence for cryptocurrencies at a point when most digital assets have lost a significant percentage of their value since the year started.
Bitcoin has been one of the most resilient cryptocurrencies this year as its yearly losses currently stand at 9.4%.
In the past week, BTC has dropped by 4% as market sentiment soured once again after President Donald Trump pushed forward additional tariffs.
These hostilities on the trade front caused panic among investors as they fear that the Federal Reserve could scrap one of the two interest rate cuts it has planned for this year if inflation starts to go up.
Will Bitcoin Make Another ATH This Year?
Moving to the charts, the weekly chart for BTC shows that the asset has tagged a key area of support at the 50% Fibonacci and has managed to stay above this level despite the latest downturn.
Momentum indicators are bearish as the Relative Strength Index (RSI) currently stands below the signal line. However, it appears to have found a temporary floor as the price has entered a stage of consolidation.
Meanwhile, the MACD’s histogram has flashed its first light red bar this week, meaning that negative momentum could be weakening.
If BTC bounces off this key area, it could mean that the token will rise to a fresh all-time high in the next few months.
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The post Institutional FOMO? Bitcoin Treasury Holdings Skyrocket as Big Players Accumulate appeared first on Cryptonews.
