Wall Street whales are going wild! BlackRock dumped 200 million USD in a single day, Bitcoin is bleeding
Bitcoin recently surged, reaching a three-week high! To put it simply, this is due to two streams of 'fresh water' coming in:
1. Macroeconomic 'tightening' is easing: Recently, global economic data hasn't been so 'scary', and people are starting to ponder: hmm, is the Federal Reserve's aggressive rate hike nearing its end? When might they even lower rates? With this in mind, funds held in cash or conservative assets like bonds are starting to think differently. As one of the 'top risk assets', Bitcoin naturally became a prime choice for funds seeking new directions. It's like the previously suppressed market sentiment has been released.
2. 'Regular troops' are pouring in continuously: Another major driving force is the several Bitcoin spot ETFs in the US. Especially the giant BlackRock's IBIT, which is like a pump, recently sucking in over 200 million USD in just one day! They have been 'buying, buying, buying' for several weeks now, with real money flowing into the market. What does this indicate? It shows that large institutional investors and funds from the traditional market are racing in through this compliant and convenient channel. This force is something retail investors can't compete with.
This surge is not pure speculation; there is fundamental support behind it. Improved macro expectations are the soil, and the continuous inflow of ETFs is strong fuel. Especially the 'passive' accumulation by ETFs, their goal is to hold Bitcoin, and as long as funds are flowing in, they will continue to exert buying pressure. This is fundamentally changing the supply and demand dynamics of Bitcoin.
Of course, the market always has another side. The biggest uncertainty right now is the potential for macroeconomic fluctuations or the sudden emergence of a 'black swan event'. A sharp short-term increase can also easily attract profit-taking pressure.
In my personal observation, if Bitcoin can stabilize above the 64,000 USD mark, the outlook will be more optimistic; otherwise, there may still be some volatility.
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