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When Bitcoin rose to around $70k, institutional investors started to become more active. Just BlackRock's Bitcoin ETF (IBIT) saw inflows of $70k, the largest in five months. Overall, spot Bitcoin ETFs experienced inflows of $458 million, indicating that institutions are entering quite aggressively.
MicroStrategy is also active. They invested an additional $200 million to buy 3,015 more Bitcoins, bringing their total holdings to over 720k Bitcoins. The fact that major players like MicroStrategy are increasing their purchases suggests they likely see the current price as a bottom. Last week, inflows into digital asset investment products also reached $1 billion, finally ending a five-week outflow trend.
However, after Bitcoin reached $70k, it retreated to around $67,000, possibly due to rising geopolitical tensions. In the short term, volatility is expected to continue, but the trend of major players like BlackRock and MicroStrategy buying Bitcoin seems to persist. The ISM Manufacturing PMI exceeding expectations at 52.4 also appears to be supporting the market.