Crypto Daily – The upward price pressure on seems relentless as $BTC achieves yet another all-time high at $107,800. MicroStrategy buys another $1.5 billion worth of Bitcoin, and the U.S. Spot Bitcoin ETFs also buy big.
Institutional and sovereign buying
Bitcoin may be advancing well into overbought territory, but the inexorable buying coming from the institutions just keeps pushing the price skyward.
MicroStrategy bought the top again with a further $1.5 billion outlay. The company acquired 15,350 BTC, which brings its total holdings to 439,000 BTC.
While MicroStrategy buys, and buys again, Blackrock’s IBIT ETF is doing the same, but at an even faster rate. IBIT accounted for $418.80 million of the $637.50 million that was the total inflow to the U.S. Spot Bitcoin ETFs on Monday. With the Blackrock (NYSE:) IBIT purchases coming nearly every day, its overall holding has now grown to $539.02K BTC.
If one adds to this the likelihood that some nation…
Read More
