Institutions Scoop Up Crypto Following Market Rout, Buying Bitcoin and Ethereum Dip
Institutions are reportedly buying up Bitcoin and Ethereum following this week's market rout, according to crypto trading and institutional brokerage firm FalconX. The company noted that interest in Bitcoin remains high and is trading almost three times more than Ethereum. Proprietary trading desks, hedge funds, venture funds, and retail aggregators were all net buyers during the dip. The sell-off was triggered by disappointing US jobs data and reduced manufacturing activity, which intensified fears of a recession. However, crypto has since recovered from its Monday lows, with Bitcoin clawing back 13% of its losses to $56,400.
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