Institutional Players Are Buying XRP And Ethereum (ETH), Binance Reports
The crypto market is extremely volatile these days. Just a couple of days ago, Bitcoin started skyrocketing, and analysts became excited, just like all traders, just to see BTC and the altcoins falling today.
At the moment of writing this article, BTC is trading in the red and the altcoins as well. The most important coin in the market is priced below $8,000 even though analysts were expecting to see if it can support $8,200, but it seems that this was not the case.
Anyway, BTC predictions for this next decade are more than optimistic, and despite the huge market volatility the price expectations as also high. This is mainly because of the halving scheduled for BTC in May.
Institutional players are buying XRP and ETH
It’s been revealed that new numbers coming from Binance are showing a massive part of institutional players are buying ETH and XRP at an increasing pace.
It’s been reported that in the December markets overview, Binance Research offered a glimpse at the OTC markets where you probably know by now that traders are negotiating large buys and sells at some fixed prices.
A report revealed that crypto whales placed a number of large BTC sales early in December and this was followed by an above-average level of buys for both XRP and ETH.
“Going into OTC flows, December started with a few sizeable BTC sells. We thought this could kickstart increased sell pressure on BTC, but prices held up well.
As BTC moved sideways, sell flows for small-cap altcoins were dominant. Large-cap altcoins like ETH and XRP, on the other hand, were in demand and saw a higher than usual amount of buy flows.”
More than that, Binance speculates that Bitcoin whales may have been anticipating a late December rally that eventually did not take place.
We recommend that you check out the complete report.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.