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It’s been quite a long time since the crypto market is blanketed with bearish correction and this bear market also marks one of the longest. Following Bitcoin’s ATH of $69,000 in November 2021, the flagship currency is one a downward journey since January 2022. In June this year, Bitcoin even hit the lowest mark of $17,000 indicating long-term investors who experienced a loss of 75% from its ATH.
At the time of reporting, Bitcoin is changing hands at $19,029 with a loss of 1.82% over the last 24hrs as per CoinMarketCap data.
The present net unrealized profit or loss (NUPL) is below zero which suggests that Bitcoin is currently at loss. The NUPL is an indicator that is known as the total effective value of overall Bitcoin holdings.
Institutional Investors Lose Confidence In Bitcoin
Meanwhile, the analytic firm CryptoQuant claims that the present situation is most favorable for maximum Bitcoin accumulation. However, with the present scenario, it appears that institutional investors are not opting much for BTC accumulation.
Currently, the flagship currency is flashing a bearish signal which even pulled down the currency to $18,432 three months before. The price crunch has led the Bitcoin share market to plunge along with major other cryptocurrencies.
On the other hand, the crypto-related asset management firm, Grayscale’s Bitcoin volumes have seen a downward movement which indicates that most institutional investors are losing confidence in the King currency.
Conversely, one of the largest institutional investors, Microstrategy has acquired more Bitcoins. The SEC filing reveals that Microstrategy has made a purchase of $6 million worth of Bitcoin which cost nearly $19,851 per token. Hence, the firm’s holding along with subsidiaries stands near 130,000 BTC.