On Friday (February 26), the price of Bitcoin fell to as low as $44,188 (at 07:45 UTC) on crypto exchange Bitstamp after Thursday’s US Treasurys sell-off caused their yields to go up and stock and crypto prices to go down.
Currently (as of 10:26 UTC on February 26), according to CryptoCompare, Bitcoin is trading around $46,740, down 5.8% in the past 24-hour period, but still up 61.32% so far in 2021. The fact that the Bitcoin price is up more than $2,552 (or 5.77%) since it’s intraday low three hours ago is likely to be due to dip-buying, especially after Ki Young Ju, the CEO of South Korean blockchain analytics startup, pointed out that institutional investors seem not have lost any of their appetite for Bitcoin as evidenced by continuous large BTC outflows from Coinbase Pro wallets.
Another significant Coinbase outflows at 48k. US institutional investors are still buying $BTC.
I think the major reason for this drop is the jittering macro environment like the 10-year Treasury note, not whale deposits, miner selling, and lack of institutional demand. https://t.co/wzwkwMhJWx pic.twitter.com/1uEEF8SX5Q
— Ki Young Ju 주기영 (@ki_young_ju) February 26, 2021
According to Bybt, in the past 24-hour period, Bitcoin’s total futures’ open interest has gone down 5.55%.