Whales continue to stockpile BTC despite Bitcoin pulling back from all-time highs.<\/p>\n
Institutional entities continue to accumulate Bitcoin despite the recent market volatility.<\/p>\n
BTC tagged a low of $61,500 earlier today, marking a 16.4% retracement from last week\u2019s all-time high of around $73,580, according to CoinGecko. Bitcoin has since rebounded to $63,122, with BTC down 13.5% in seven days.<\/p>\n
Bitcoin traded lower on exchanges suffering from thin liquidity, with BTC wicking down to a violent low of\u00a0$8,900\u00a0<\/a>on BitMEX\u2019s spot markets. The move was driven by market sell orders worth 400 BTC, with BitMEX\u00a0stating<\/a>\u00a0it is investigating \u201cunusual activity\u201d involving large sell orders on its BTC\/USDT spot market.<\/p>\n According to James Seyffart, an ETF analyst at Bloomberg, spot Bitcoin ETFs posted an outflow of\u00a0$154.4 million<\/a>\u00a0on March 18, marking only the second daily outflow during March so far. The milestone was driven by a record $642.5 million exiting the Grayscale Bitcoin Trust.<\/p>\n <\/p>\n However, many large investors are unperturbed by Bitcoin\u2019s recent volatility.<\/p>\n In a March 18\u00a0interview<\/a>\u00a0with Bloomberg, Grant Engelbart, the vice president and investment strategist at Carson Group, a Registered Investment Advisor (RIA) network accounting for $30 billion in assets, said RIAs investing in spot Bitcoin ETFs are allocating 3.5% of client portfolios on average.<\/p>\n Carson\u00a0onboarded<\/a>\u00a0support for four Bitcoin ETFs roughly four weeks ago.<\/p>\n On March 19, Japan\u2019s Government Pension Investment Fund, the world\u2019s largest pension fund with $1.5 trillion in assets under management,\u00a0said<\/a>\u00a0it is exploring Bitcoin among other previously untouched asset classes as part of plans to develop new and diversified long-term investment strategies.<\/p>\n The five-year research initiative will also look into gold, forests, and farmland, among other assets. Last month, Japan\u2019s cabinet\u00a0approved<\/a>\u00a0a bill proposing legislative amendments allow investment firms to hold crypto assets.<\/p>\n MicroStrategy, a mobile software and business intelligence firm,\u00a0announced<\/a>\u00a0it purchased an additional 9,245 Bitcoin on March 19, bringing its holdings to 214,246 BTC. MicroStrategy\u2019s BTC stash now accounts for 1.09% of Bitcoin\u2019s supply worth $13.5 billion, equating to an unrealized profit of nearly $6 billion at an average purchase price of $35.160 each.<\/p>\n Institutional entities aren\u2019t the only ones buying Bitcoin, with a March 19 report from Bloomberg indicating surging demand for BTC from Argentinians amid soaring annual inflation exceeding\u00a0250%<\/a>\u00a0and economic\u00a0shock therapy<\/a>\u00a0policies.<\/p>\n <\/p>\n\n