Here’s who actually bought Bitcoin’s $90k crash and who rage-sold the bottom
During Bitcoin's drop below $90k, short-term holders capitulated while large entities like Strategy and Harvard accumulated, signaling a redistribution of supply.Summary
When Bitcoin tumbled below $90,000, on-chain data indicated a redistribution of supply from weak hands to entities with staying power. Short-term holders, often retail, realized losses, consistent with on-chain capitulation, as perpetual swap funding rates turned negative, suggesting long liquidations.
Conversely, significant institutional buying occurred; for instance, a firm referred to as "Strategy" bought 8,178 BTC for $835.6 million, though this tranche is currently underwater, averaging $102,171. Furthermore, Harvard Management Co. increased its IBIT ETF holdings substantially, signaling a $50 billion institutional allocator adding exposure as the price fell. This accumulation by long-term holders contrasts with massive US spot Bitcoin ETF outflows of $2.57 billion in November.
The key uncertainty is whether this accumulation represents a durable bottom or a temporary 'bull trap.' While large buyers stepped in at lower clearing prices, persistent ETF redemptions and potential macro risk could push prices further down. The outcome hinges on whether sustained institutional spot demand stabilizes the market against ETF outflows and if derivatives funding remains stable.
(Source：CryptoSlate)