digital currency
Vettel Lundy, an analyst at digital asset analytics firm Arken Research, revealed that institutional firms have sold at least 236,237 bitcoins since May.
Analyst Vettel Lundy stated, on Twitter, that companies have sold at least 236,237 BTC since May, though he believes the number might be higher, as forced sales and hedging activities in bear markets are not taken into account.
While detailing his thread on Twitter, the analyst said the sales streak started with Terra selling over 80,000 BTC to keep the UST stable. Meanwhile, crypto miners are known to have tried to cover the costs of their activities by selling 4,400 BTC tokens in May and around 14,600 BTC tokens in June to meet worsening market conditions.
Additionally, Tesla, (NASDAQ:TSLA), which announced it sold 75 percent of its BTC assets yesterday, is estimated to have sold regarding 29,060 BTC. Additionally, while an anonymous organization has been recorded to have sold 24,510 bitcoins from a bitcoin ETF in Canada, Celsius sold regarding 21,962 bitcoins to cover payments for decentralized finance (DeFi) loans when it was on the verge of bankruptcy.
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“As corporate sales increase, the link to traditional markets may decrease.”
While anticipating a change in crypto markets in the short term, macroeconomic conditions and the relationship between US stock markets and cryptocurrency markets will continue to play a critical role in cryptocurrency volatility, says Arkin Research analyst.
Among the predictions regarding the crypto markets, there is an opinion that the correlation between the stock markets and the cryptocurrency markets may weaken as institutional companies such as Tesla reduce their holdings of cryptocurrencies. Cryptocurrencies have had a tough period since the first half of 2022, and tended to recover somewhat in the second half of the year. While there has been an improvement in market expectations in recent days, market capitalization is back in the $1 trillion range.
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