NYDIG's (New York Digital Investment Group) Global Head of Research Greg Cipolaro recaps this weekend's vicious selloff in bitcoin (BTC-USD), concluding over-leveraged longs had the market set for a fall. News items like the decline in hash rate and unsubstantiated chatter about a U.S. money laundering probe - both of which are likely to be forgotten in days - were simply the catalysts that launched the heavy selling.As for NYDIG itself, it's institutional investor clients have had a "buy the dip mentality" during these selloffs, says Cipolaro, and the NYDIG desk has been a net purchaser of bitcoin over the last 24-48 hours.Bitcoin is well off the weekend's lows, but still down about 10% from 72 hours ago, now changing hands at $55.7K.NYDIG's "institutional clients" include some of the nation's largest insurers.