While the basic Bitcoin (BTC) accounts don’t paint a good picture, the bears may be escaping smoke. Contrary to analysts who warned that Bitcoin could drop to $38,000 “before a possible outbreak,” CoinShares and Arcane Research suggest that the situation could change.

In summary, Bitcoin institutional outflows have been negative for the past five weeks at $55 million. Total consolidated assets fell to a three-month low of $35 billion in the middle of last week.

CoinShares’ results show that major investors in the Bitcoin ecosystem, those using companies such as Grayscale, CoinsXBT, ProShares and ETC Group, have reduced their exposure to digital assets.

Their moves are based on the Fear and Greed Index, which broke the record for “extreme fear” for two months as spot Bitcoin buying volume reached a six-month low. If the Fear and Greed Index enters the third consecutive month of intense fear, this will be the second time in the scale’s lifetime.

Traders are also worried. According to Arcane Research, the seven-day average real trading volume of BTC is $3.4 billion. This is the lowest since July 2021 and mentioned as the bottom of the little bear market that occurred from May to July 2021.

Investors and viewers in the room will remember that after this point, from August to October 2021, the price of Bitcoin rose by more than 60% thanks to sound institutional investment.

Related Topics: 43% of Bitcoin Trading Volume During Market Hours: Arcane Research

Also, with Bitcoin’s 30-day volatility capped at a twelve-month low of 2.5%, spring has reversed.

Twitter analysts call for growth. The famous Bitcoin bull GalaxyBTC tells followers that $80,000 is on the horizon, while Tradermayne says it’s “a bottom for the ninth time already.”

Source: CoinTelegraph