The price of Bitcoin (BTC) ended up experiencing a dip and it came down to $20,200. Bitcoin’s price dipped due to a strong selling that was nothing less than a bloodbath. A great sell-off activity was recorded for Bitcoin that was triggered by multiple institutions.
Even the investment firms ended up selling Bitcoin on a large scale which ended up pulling it down to $20,200.
One of the major investment firms known as Cypherpunk Holdings is known to be among the institutions that sold Bitcoin on a large scale. According to the latest reports surrounding Cypherpunk Holdings, the investment firm has reportedly sold 100% of its holdings in Ethereum and Bitcoin.
It is because of the huge sell-off carried out by the investment firm that the price of Bitcoin has ended up taking a hit.
Mass Sell-Off Triggered for Bitcoin
As Cypherpunk Holdings sold Bitcoin and Ethereum in its possession, it ended up launching a great selling spree for Bitcoin. This ended up binging Bitcoin down to $20,200, and surprisingly, things did not stop there.
Just as the price of Bitcoin hit the $20,200 mark, it triggered another strong selling spree. This ended up bringing the trading price of Bitcoin even lower. Since then, the institutional investors have continued selling Bitcoin and the situation is out of control. Even the investment firms are selling Bitcoin on a larger scale.
James Hume Talks about Investors having Cold Feet
Even the executives at major cryptocurrency exchanges have started talking about the recent behavior of the investors. Houbi Global’s head of sales, James Hume recently talked about the way the institutional and investment firms have started treating cryptocurrencies.
As per Hume, some of the entities belonging to these sectors are concerned about the downward movement of cryptocurrencies. They simply have cold feet surrounding cryptocurrencies and they are not willing to take any chances.
Despite some institutional investors growing cold feet, many investors from the same industry are willing to spend billions to explore the particular sector.
Hume added that they already have multiple investment firms wanting to invest in cryptocurrencies that have reached out to their exchange. To be precise, 20-30 institutional firms, each aiming to invest at least a billion dollars or more are in touch with Huobi Global.
He confirmed that these firms may start investing in Bitcoin in the upcoming months. He clarified that all these firms are aiming to invest in Bitcoin in the running year.
This is a great sign for Bitcoin investors who are concerned about the future of Bitcoin. As per on-chain data analytical firms, Cypherpunk sold $4.7 million worth of Bitcoin and $227,000 worth of Ether. Compared to the investments that the investment firms are aiming to invest in Bitcoin, this is just a meager amount.