ETFs and regulations, the dual pathway of Bitcoin towards mass adoption.

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Bernstein analysts also argue that Bitcoin will continue to consolidate as the most solid reserve asset globally, largely thanks to institutional adoption.

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Currently, Bitcoin ETFs hold over $150 billion in assets under management, with BlackRock's "IBIT" being the most prominent, at $84 billion. Meanwhile, allocations from corporate treasury, such as that of the firm "Strategy", are increasing, supporting a structural investment process capable of driving BTC towards $200,000.

This Monday, Strategy reported acquiring 4,225 BTC for $472 million between July 7 and 13, at an average price of $111,827 per token, according to a report submitted to the SEC. The company had temporarily paused its purchases last week after maintaining weekly acquisitions for the previous two months.

With this latest acquisition, Strategy accumulates 601,550 BTC in its treasury, equivalent to $72 billion.

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On the other hand, in the United States, a greater degree of regulatory clarity is expected to accelerate the adoption of the crypto ecosystem. In this context, the "GENIUS" and "Clarity" laws are highlighted as key pieces to consolidate the market.

According to Bernstein, these laws could position companies like "Circle", "Coinbase", and "Robinhood" as strategic regulated players. Circle would be recognized as a leader in the issuance of stablecoins, while Coinbase and Robinhood would operate as authorized platforms for the trading and settlement of tokens.

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