Analyst: Institutional Demand Pumped Bitcoin Price This Week

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It was institutional buyers that pumped the bitcoin price by 23 percent last week, according to a prominent cryptocurrency analyst.Alex Krüger said the latest bitcoin price action hinted systematic buying, an act of people pooling their strategy to purchase a financial asset in large volumes. Retail investors lacked the capital that could pump the bitcoin market capitalization by approx $32 billion in a week. So, it was very likely that a “handful of large players” initiated a coordinated pump, and bitcoin’s valuation rose wildly.“Clues to reach that conclusion can be found in the volume, price action, funding, and futures basis and term structure,” explained Krüger. “[It was] not retail driven.”What drove $BTC up this week?A handful of large players, that started buying in waves. Systematic buying.Clues to reach that conclusion can be found in volume, price action, funding, and futures basis and term structure. May expand on this later.Not retail…

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