Will BlackRock continue buying US$200M daily to push Bitcoin past the US$83,000 resistance wall?
The global digital asset landscape currently exhibits notable strength, with total cryptocurrency valuation climbing 1.38 per cent to US$2.7T in a single 24-hour period. This substantial expansion aligns closely with traditional equities, as the broader sector shows a 68 per cent correlation with the S&P 500. Investors clearly interpret these decentralised networks as high-beta risk […] The post…
The recent surge in Bitcoin's value, reaching US$80,235.47, can be attributed to substantial institutional buying, particularly through US$200.76 million purchases by BlackRock's iShares Bitcoin Trust. This accumulation, coupled with net inflows into Bitcoin-related ETFs amounting to US$232.12 million, demonstrates strong confidence in the asset class.
The market's response to this buying pressure has been significant, with derivatives platforms liquidating $100.04 million worth of Bitcoin positions, indicating a shift from speculative activity to more stable, long-term investment.
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