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Bitcoin bounced back more than 30% from Wednesday’s lows and was back above $ 40,000. Two trading companies linked the latest move to institutional buying.“From our side, managers from traditional finance are buying,” Aya Kantorovich, head of the institutional coverage department at FalconX , said in a conversation with 

The Block .Immediately before the market recovery, Genesis Global Trading sent out a notification to its counterparties, in which it announced the start of buying bitcoin by macro funds at a price of about $ 35,000.

The company linked the sharp market decline with cascading liquidations of derivative positions, followed by buyers.Several traders also stated that derivatives market participants on offshore exchanges were betting on gamut reduction, that is, they were selling for the purpose of hedging, at a price of about $ 40,000.“I believe that the guys at Deribit, who bet on gamut reduction, caused liquidations and only made the situation worse for myself, while contributing to the decline of the entire market “, – said Evgeny Gayevoy, CEO of the market-making company Wintermute.MicroStrategy CEO Michael Sailor announced on Wednesday that entities under his control hold 111,000 bitcoins.

MicroStrategy’s own position is 92,079 BTC. In October 2020, he reported that he personally owns 17,732 BTC. Together with the assets of MicroStrategy, the total volume of these investments is 109,811 BTC. Thus, over the past time, he could additionally buy bitcoins for himself. “The entities under my control acquired 111,000 BTC and did not sell a single Satoshi,” Sailor wrote.

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