Bitcoin (BTC) may be approaching $40,000, but new data suggests that interest from investment firms is far from declining.
According to Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, "could be the main narrative" in the crypto world yet again.
Ki cited data from Coinbase Pro, the professional trading arm of the US exchange Coinbase, which show that huge amounts of BTC are still leaving the company's records.
These tranches reached 30,000 BTC in a single day this week, and this isn't a unique occurrence; identical behavior was seen in March.
The executive order announced by US President Joe Biden last month, aimed at investigating several parts of the cryptocurrency market, appears to have had little effect on large-volume investors seeking exposure.
Related Post:BTC whales buy more despite price decrease speculations
As Cointelegraph highlighted this week, the pattern is seen across exchanges, and April is presently aiming to match March in terms of global outflows.
The decrease in supply contrasts with a concerning macro-environment that continues to put pressure on risk assets, including cryptocurrency.
For circumstances to improve, Bitcoin's link to stocks, which are also subject to central bank policy, must dissolve, but many predict that the process will be easy.
As seen in the chart below, ADA, which accounts for around 1.75 percent of the global crypto market value, has been drifting lower since September 2021, forming a "descending channel" pattern that has successfully limited its several upward efforts.
The channel gained momentum when ADA broke above its upper trendline on March 27, only to revert completely in subsequent sessions, indicating a lack of confidence among Cardano bulls.
The negative bias was assisted by ADA's 200-day exponential moving average (200-day EMA; the blue wave) and the 0.236 Fib line (around $1.29) of the Fibonacci retracement graph drawn from a $2.96 swing high to a $0.78 swing low.
As of April 15, the price of ADA has been stabilizing between the $0.97–$0.92 range, indicating that it intends to continue its decline from its fakeout peak at $1.25.
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If the declining channel configuration holds, ADA/USD may fall to its previous bottom range of $0.78, with the channel's lower trendline near $0.65 as the key downside target.
That would represent an almost 30% discount from the current pricing.
