The massive drawdown - as was experienced at the beginning of the week - is seen as a prize opportunity by those who understand that historically; this wasn't even the biggest drop experienced; and that 'buying the dip' will no doubt reap the bigger rewards in the longer term. Corrections are part of the cycle.

Institutions have been scooping up crypto following this week's rout, which wiped some $230 billion from the market and dragged major asset prices to lows not seen in months.

Why did the crypto market lose 15% of its value in one weekend? Thank the Bank of Japan for playing a starring role.

Bitwise CIO Matt Hougan said Monday that he views the weekend’s violent selloff in crypto/equities as a Bitcoin buying opportunity. In a Twitter thread Monday, the executive likened the market crash to March 12, 2020 – a day of “chaos” that pre-empted historic new highs for crypto over the following months.

Despite a sharp 20% drop in price, U.S.-listed spot ether exchange-traded funds (ETFs) saw net inflows of nearly $49 million on Monday, indicating strong demand.

At press time, bitcoin was trading at $53,000, down 10% over the past 24 hours. The broad-market benchmark CoinDesk 20 Index also posted a similar rebound, but was still 13% lower than 24 hours ago.