Photo: Coin Telegraph
(Coin Telegraph) - As Bitcoin tested a $17,580 low on Dec 11, investors remained relatively calm despite some analysts issuing bearish estimates. The week may have finished at the same level where it started, but the fundamentals for Bitcoin have become even healthier.
In the past week, Bitcoin dominance continued its uptrend up, from 63.5% to 64.5%. This move was likely fueled by MassMutual insurance company's $ 100 million acquisition and MicroStrategy's $650 million bond sale.
This news appears to have given further confidence to investors who were doubting a potential $20,000 retest.
Bitcoin outperformed the top-15 altcoins, which dropped 2.5% on average over the past week. However, overall volumes were disappointing compared to the previous month. This indicator partially invalidates the recent $17,580 low, as it denotes a lack of confidence.
Institutional investors accumulate while Bitcoin price consolidates
Crypto fund manager Grayscale Investments continued to aggressively add Bitcoin to their portfolio, surpassing $10.7 billion worth.
Grayscale Investments BTC holdings. Source: bybt.com
Over the past week, 14,050 BTC were added, totaling 561,130 BTC. Therefore, it was another excellent week for Grayscale Bitcoin Trust. Similar excitement can be seen by analyzing the fund’s premium over the effective BTC held by each share, currently at 0.00095116 BTC.
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