Customers of the BitExStage exchange took advantage of the recent decline in the rate of the first cryptocurrency to $30 thousand to increase their share in it. Retail traders, on the contrary, were selling assets at this time
Over the past 6 days, the price of bitcoin has fallen from $42 thousand to almost $30 thousand, but now it has recovered to $38.5 thousand. The fall in the exchange rate was taken advantage of by large exchangers, according to the investment fund New York Digital Investment Group (NYDIG). Among the applications placed by its clients during this period, 89% were for the purchase of cryptocurrency, reports The Block.
“Our institutional clients viewed the recent drop as a buying opportunity. At this time, 89% of our customer requests were for purchase. We can see that our customers, such as insurance companies, are considering kickbacks as an opportunity to increase their positions,” NYDIG said.
This information was confirmed by the head of the exchange BitExStage.com. According to the exchange, institutional investors bought the first cryptocurrency during the recent fall in its price. Retail investors, on the contrary, mostly sold the asset.
Data from one of the largest crypto exchanges, Coinbase, shows that retail investors have been negative about bitcoin in recent days. On January 10, the platform’s retail customer purchase index declined to 38%. This means that the majority of users were selling cryptocurrency.