Institutional Bitcoin Buying Spiked Around Wednesday’s Crash

Blockchain data shows large investors remain confident of bitcoin’s long-term prospects and continue to accumulate coins on dips, shrugging off concerns about the negative environmental impacts of cryptocurrency mining.

Wallets linked with over-the-counter (OTC) desks registered an outflow of 10,292 BTC on Wednesday, when bitcoin tanked from $43,000 to nearly $30,000. That was the largest single-day outflow from OTC addresses in 3.5 months, according to data tracked by Glassnode.

The number rose further to 11,056 BTC on Thursday, hitting the highest level since Dec. 31 and taking the six-day tally to nearly 35,000 BTC.

Via Coindesk