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Institutional money flooded into Bitcoin before $7,000 rally, data shows

Bitcoin saw a notable price surge late-last week that allowed it to surmount the resistance it was facing at $7,000 and run to highs of $7,300, which is the point at which it lost its momentum and incurred a notable rejection.

Although this movement proved to be fleeting, data seems to elucidate an interesting trend, with the sharp rise in CME futures volume and large transaction volume both pointing to the possibility that this was an institutional-driven movement.
This is further supported by the fact that open interest on Bitmex actually declined on April 2nd, showing that traders were not the suspects behind this fleeting rally.