Recently, institutional interest in Bitcoin is rapidly increasing. While many companies are increasing their BTC purchases, notable statements have also come from Coinbase CEO Brian Armstrong.
Coinbase Increases Weekly Bitcoin Purchases
Brian Armstrong announced on his X account that Coinbase is purchasing more Bitcoin (BTC) every week. This statement is a response to BTC Inc. CEO David Bailey's suggestion that Coinbase establish a private Bitcoin treasury. Armstrong stated that Coinbase already has such a treasury and that weekly Bitcoin purchases are ongoing.
The CEO's statement reveals that Coinbase is in a strong position in the institutional race to accumulate Bitcoin. At the end of his post, he also clarified his expectation of a rise in Bitcoin prices by using the term “long”.
Altcoin Sales from Vitalik Buterin
Vitalik Buterin, one of the important figures in the crypto world and founder of Ethereum (ETH), frequently expresses that he donates altcoins received as gifts from various projects to charities. However, he has recently conducted sales of some meme coins.
Previously, Buterin sold a meme coin called LEDOG (DOG), and today he disposed of approximately two trillion DOG tokens by converting them to Ethereum. Such large sales are closely monitored by investors because they can often cause high volatility and panic selling in the markets.
Although Buterin's recent DOG sale may increase the risk of a decline in the short term, it does not signal a definitive crash. The important thing is how the community will react to this move. Experts believe that the DOG price will be shaped by the community's success in supporting liquidity and preventing a panic atmosphere.
Additionally, a sudden increase in Ethereum's hourly trading volume was recorded at the moment the sale occurred. Although the DOG sale brought in 4.4 ETH, the trading volume of ETH significantly increased after the swap transaction.
Lastly, considering Buterin's tendency to rapidly redistribute or sell such assets, it should not be forgotten that there is a high probability of him releasing the ETH he purchased back into the market in the short term.
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