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Michael Sonnenshein, CEO of Grayscale, said during an interview with Bloomberg that in addition to hedge funds, pension funds and endowments had started to invest in the grayscale family. This suggests that a broad spectrum of Bitcoin (BTC).

As this trend accelerates, investment banks have also decided they don’t want to be left behind. A recent application from Morgan Stanley shows a purchase of a 10.9% stake in business intelligence firm MicroStrategy, a move likely to gain exposure in Bitcoin. With 70,470 Bitcoin in their possession, MicroStrategy has become a proxy game on Bitcoin.

Several analysts suspect that the current demand could also come from investors who closed their gold positions and bought Bitcoin. To a question about gold’s recent underperformance, CNBC Mad Money presenter Jim Cramer speculated that institutional money can flow into cryptocurrency.

Crypto market data daily view. Source: Coin360

While there have been positive reports of institutional buys, traders should also keep an eye on those who have sold, as at some point the rally will lose momentum and investors will make a profit.

Analysts at Material Indicators suggest mega whales may have booked gains on Jan. 7 when Bitcoin reached $ 40,000 and further sale of whales could also be the reason for the price drop we are seeing today. However, aggressive purchases at lower levels resulted in a strong recovery.

But that hasn’t stopped the whales from selling. Bitcoin whales in South Korea have ditched their positions in recent days, as evidenced by the multiple $ 100 million deposits exchanges. While the sale has not resulted in a massive rush to the exit, traders should be careful with their positions as even if a few major US investors rush to the exit, it could result in a sharp drop.

If Bitcoin corrects sharply, most altcoins are likely to follow as well, but if Bitcoin remains strong, these top 5 cryptocurrencies could outperform in the short term.

Let’s analyze their charts to find the critical levels to look at.