Interesting to look back at that February 21 bitcoin price action when Trump extended the Iran ceasefire. Bitcoin had climbed to around $78k that day, and what really caught traders' attention was Strategy's massive $2.54 billion bitcoin purchase of 34,164 BTC. That was their biggest buy since late 2024, bringing their total holdings to over 815k bitcoin.

The move was significant because it showed institutional appetite was still strong despite the volatility. Global crypto funds had pulled in $1.4 billion that week alone, with bitcoin taking the lion's share at $1.12 billion. Ethereum grabbed $328 million. You could see the market was responding to both the geopolitical news and the institutional buying pressure.

What stood out to analysts was that bitcoin had broken above the realized price level of short-term holders around $69.4k, which meant recent buyers were actually in profit for the first time in months. That matters because it reduces liquidation risk if sentiment flips. Plus, a Nomura survey showed 65% of Japanese institutional investors were holding bitcoin for diversification, with most planning 2-5% allocations going forward.

The real question back then was whether bitcoin could hold $77k through the European session and eventually break $80k. Looking at where we are now with bitcoin price still holding strong, that February 21 event was definitely a turning point for institutional adoption.