What Causes the Decline in Bitcoin? Latest Data Points to Institutional Investors!

While the leading cryptocurrency Bitcoin (BTC) started the new week with a decline due to critical data coming from the US, the reason for the decline may be institutional investors.

Because according to the data, institutions stopped buying USDT from the Tether Treasury and depositing it into exchanges.

On-chain data monitoring platform Lookonchain said that institutional investors stopped buying USDT from the Tether Treasury and depositing them on cryptocurrency exchanges two days ago.

At this point, analysts assess that the decline was caused by institutional investors who bought at the bottom and saw declines as opportunities and stopped their purchases.

As you may recall, giant crypto market maker Cumberland deposited 95 million USDT to centralized exchanges (CEXs) such as Coinbase, Kraken and OKX last week.

Besides Cumberland, other major companies have also withdrawn hundreds of millions of dollars worth of USDT from Tether.

Bitcoin Transfers Have Started!

Apart from the decrease in purchases by institutional investors, transfers to stock exchanges also increased.

At this point, Galaxy Digital has deposited $16.14 million worth of Bitcoin on Binance and OKX.

On-chain analyst The Data Nerd reported in a post that Galaxy Digital has deposited 276 BTC worth $16.14 million to cryptocurrency exchanges Binance and OKX.

Currently, the company still has 3,574 BTC worth $210.34 million in its wallet.

*This is not investment advice.