Bitcoin breaks $104,000 as Asia's top ETF investor boosts BlackRock holdings Bullish momentum indicates $120K breakout potential.
Bitcoin prices rose above $104,000 on Friday as Asia's top ETF investor poured $691M into BlackRock's BTC fund, boosting global institutional confidence. Could the increasing pace of institutional inflows propel BTC above $120,000 in the coming weeks?
Bitcoin (BTC) price eyes $120K after Asia’s top ETF investor boosts BlackRock exposure
At press time, Bitcoin (BTC) was trading at $104,007, above the psychologically important $104,000 mark despite high volatility in the altcoin market this week.
That resilience has been bolstered by a surge in institutional interest, particularly from Asia's largest ETF investor, which has now increased its investment in BlackRock's Bitcoin ETF to $691 million.
On Thursday, Avenir Group, Asia's largest institutional investor in Bitcoin ETFs, significantly increased its holdings in BlackRock's iShares Bitcoin Trust (IBIT), according to a recent SEC filing.
As of March 31, 2025, the Hong Kong-based firm held approximately 14.7 million IBIT shares, valued at $691 million, up from 11.3 million shares at the end of 2024. Exposure.
Founded in 2023, Avenir Group operates in major global markets including Hong Kong, US, UK, Japan, and Singapore.
In addition to its $691 million stake in Blackrock's IBIT, Avenir disclosed ownership of 58,000 shares in the Fidelity Wise Origin Bitcoin Fund (FBTC), worth about $4 million.
Meanwhile, Goldman Sachs is the largest holder of IBIT with 30.8 million shares, up 28 percent from last quarter's 24 million.
Why is the price of Bitcoin rising today?
Bitcoin’s latest 1% rise to reclaim $104,000, according to data from Coingecko, comes amid active investor circulation in BTC, as the prices of top altcoins Solana and Ripple (XRP) struggle under various internal bearish catalysts.
For Solana, investors unstaked about 1.4 million SOL ahead of the $5 billion FTX payout, with bearish expectations tied to the fact that the majority of previously held funds are held on the Solana and Ethereum blockchains.
Similarly, XRP experienced mixed momentum, struggling under bearish sentiment from U.S. District Judge Annalisa Torres rejecting Ripple's recent $50 million settlement in a long-running lawsuit against the U.S. SEC.
With demand for the wheel increasing and $BTC increasing in dominance, the market seems to be making a big move towards $120,000.
Why is the demand for bitcoin wheel increasing in May 2025?
On-chain data from Santiment reveals a compelling narrative: Bitcoin whale activity is picking up sharply in May, bolstering confidence amid market stabilization.
On May 9, BTC recorded 4,181 wheel transactions above $1 million, the most since a peak of 4,374 on January 20, just hours before BTC's price rose above $106,000 during Trump's second term inauguration.
The recovery in whale activity reflects a continued wave of institutional and high-value accumulation since the start of May, despite the rally in prices this week.
Why is the demand for bitcoin wheel increasing in May 2025?
Historically, such on-chain activity has moved explosively during periods of price stabilization. Three major catalysts support this within the current market context:
First, BTC whale buying pressure is in line with expectations of a Fed rate cut following dovish data published in the latest US CPI inflation report released last week.
This wave of interest can also be traced back to Donald Trump's pro-crypto axis, which began during his 2024 re-election campaign. Trump's executive order to establish a U.S. strategic bitcoin reserve, signed on March 2, and the appointment of crypto-friendly Paul Atkins as SEC chair, underscore a relaxed stance in the U.S. regulatory position.
Adding to the sentiment, US states such as Florida, Arizona, and New Hampshire have introduced legislation to adopt bitcoin as a treasury reserve asset, sparking a rush towards digital monetary hedging.
What's Next for the Bitcoin Price?
As the US Fed faces increasing pressure to initiate rate cuts in response to growing recession fears, the macro environment could become increasingly supportive for risk assets, including BTC.
If Bitcoin breaks above $106,000 with strong volume, a path to $120,000 becomes technically and emotionally viable, especially if paired with geopolitical drivers and institutional demand.
Bitcoin Price Prediction Today: BTC Hovering Near $104K, Eyes Breakout Above Key Resistance
Bitcoin is showing signs of renewed strength as it consolidates above $103,800, with bulls attempting to establish dominance after a minor pullback.
The latest daily candlestick pattern reflects indecision, but the broader structure indicates an underlying bullish bias as $BTC trades firmly near the upper limits of its Keltner channel.
With the VWAP and ALMA aligned near $103,830, the price is well supported by key moving averages, indicating continued bullish pressure.
Additionally, Bitcoin price continues to find dynamic support along the 9-day EMA, which further validates short-term upside momentum.
Strong price action near $104,000 points to a possible breakout, especially as the wide range between $99,400 and $104,800 continues to compress sharply.
In this bullish scenario, a close above $104,800 could trigger a bullish continuation towards $107,500 levels.
Conversely, a decisive decline below $103,700 could expose BTC to downside risk towards $99,400, the midline of the Keltner channel. Volume delta is mixed but moderately bearish, suggesting that profit taking is present, although not dominant.
If the upward momentum resumes and volume picks up, BTC could move past $105,000 as the bulls regain control.
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