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Latest Bitcoin Crash Shows ‘Buy the Dip’ Mentality Among Big Investors, NYDIG Says
NYDIG's analyst also noted significant BTC spot price discounts on Binance compared to Coinbase.
Updated Mar 6, 2023, 3:06 p.m. Published Apr 19, 2021, 4:55 p.m.
“Our desk has been a net purchaser over the past 24-48 hours,” Greg Cipolaro, global head of research at NYDIG, a bitcoin-focused investment manager, wrote Monday in an email to subscribers.
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Cipolaro published the comments after bitcoin (BTC) tumbled from a record high above $64,000 last week to as low as $51,541 early Sunday. The largest cryptocurrency was changing hands around $55,400 as of 4:37 UTC (12:37 p.m. ET).
Bitcoin's price is still up 89% this year amid speculation that big investors are using the largest cryptocurrency as a hedge against inflation following trillions of dollars of coronavirus-related economic stimulus over the past year by governments and central banks around the world.
“Institutional investors have had a buy-the-dip mentality during these risk-off events, suggesting increasing ease with handling bitcoin’s volatility,” wrote Cipolaro.
- “We believe the root cause of the sell-off had to do with investor positioning rather than fundamental news. Simply put, traders were overleveraged and positioned long, resulting in forced liquidations."
- Cipolaro also noted significant BTC spot price discounts on Binance compared to Coinbase. “The difference in spot, which is usually very tight, reached nearly 3% at one point. To us, these data points are indicative of selling pressure in Asia rather than North America.”
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
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- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Goldman Sachs upgrades Coinbase to buy, cuts eToro to neutral
The bank said it is 'selectively constructive' on brokers and crypto companies heading into 2026.
What to know:
- Goldman Sachs said it is "selectively constructive" on brokers and crypto for 2026, citing resilient retail trading and regulatory progress.
- James Yaro and team upgraded Coinbase (COIN) to buy while downgrading eToro (ETOR) to neutral.
- COIN shares were ahead more than 4% premarket, while ETOR stock dipped modestly.
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