Bitcoin holds steady near $93K, showing resilience amid light market corrections.
Key Drivers:
• Institutional Accumulation: Analysts at Coinbase report that recent BTC gains are driven mainly by institutional investors and sovereign funds, while retail involvement in Bitcoin ETFs is slightly decreasing.
• Whale Activity: Glassnode data reveals strong whale accumulation (10k+ BTC holders) with a near-perfect 0.9 accumulation score – signaling long-term confidence.
• SoftBank Enters the Arena: SoftBank has invested ~$891M in Twenty One Capital, a Bitcoin-focused firm holding over 42,000 BTC, soon to go public via SPAC merger.
What’s Next?
Despite short-term fluctuations, long-term fundamentals look strong. Watch for resistance near $95K and support at $91K.