Institutional investors remain bullish on Bitcoin, using their capital to buy whenever the cryptocurrency’s price dips.

Bitcoin treasury firms like Strategy and Metaplanet were actively accumulating the cryptocurrency as its price fell more than 2% on Monday. Strategy Chairman Michael Saylor announced the purchase of 430 BTC for more than $51 million, while Metaplanet President Simon Gerovich said his firm bought 775 BTC for about $93 million.

Bitcoin (BTC) gained significantly last week, helped by lower-than-expected consumer inflation. It was close to its all-time high, but a second wholesale inflation report triggered a pullback.

While scared traders participated in the sell-off, institutional investors took advantage and bought the dip.

I can hear the disappointment in the recent pullback. “It’s natural,” Metaplanet CEO Simon Gerovich wrote on social media. “But we’re confident in the foundation we’re building. Let’s discuss the milestones we’ve reached together, because over time, fundamentals will prevail.

On the evening of August 18, Bitcoin was trading at $116,028, down 1.69% since Sunday and 3.26% over seven days, according to Coinmarketcap. Over the past 24 hours, the cryptocurrency’s rate has fluctuated between $114,723 and $118,073.

Trading volume was up 62.22%, reaching $69.23 billion, as expected after the weekend. At the same time, compared to the previous day, market capitalization was down 1.64% to $2.31 trillion. Bitcoin’s share rose 0.70% to 59.82%, as the leading cryptocurrency continues to outperform the overall crypto market.