David Duong, who leads investment research at Coinbase
$1.71B
These companies, often known for making large purchases, have not returned in any meaningful way, even when market conditions seemed more favorable.
According to Duong, Bitcoin-focused firms have nearly stopped their activity, with buying levels falling to some of the lowest seen this year.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is an Automated Market Maker in Crypto? (Animated)
The slowdown follows a period of market stress, where high levels of leverage were cleared out. Duong noted that even though prices may seem stable, large investors remain hesitant.
Meanwhile, one company has continued to actively purchase Ethereum
Data shows that since October 10, BitMine has spent more than $1.9 billion to acquire roughly 483,000 ETH. A few other firms made smaller contributions, but BitMine’s activity has been the main reason Ether purchases by corporate investors have stayed positive overall in recent days.
Still, Duong warned that if BitMine slows or stops buying, the support seen in the Etherem market could quickly fade.
Meanwhile, stock exchanges in parts of Asia have become more cautious about allowing companies to focus on cryptocurrency holdings. Why? Read the full story.
