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89% of our Institutional Clients made a purchase during the Bitcoin price decline

Bitcoin price has climbed 12% over the past 24 hours and is now trading at around $ 38,500, significantly higher than the weekend when a wave of liquidations on trading platforms drove the market down to around $ 30,000. Digital Asset Management Company New York Digital Investments Group (NYDIG) said its institutional clients were overwhelmingly on the buy side during the fall over the weekend. “Our institutional clients saw the drawdown as a buying opportunity,” a company spokeswoman said in a comment for The Block. “During the drawdown, 89% of our clients’ orders were directed to buy. We see that our client base, which consists of institutional investors with very long-term goals, sees pullbacks as an opportunity to increase their positions. ” At the same time, Coinbase data shows that most retail investors ended up on the seller’s side during the drawdown. “Coinbase’s retail buy rate has been roughly 60% over the past two weeks, but has dropped to 38% on Sunday as people rushed to take profits,” the company said in a statement. In December, Massachusetts Mutual Life Insurance (MassMutual) invested $ 100 million in bitcoin through the NYDIG crypto fund. NYDIG has become one of the fastest growing investment companies in the cryptocurrency market with $ 2.3 billion under management.

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