The launch of Bitcoin ETFs was a key milestone for the cryptocurrency, indicating rising acceptance among institutional investors. Since their debut, eight ETFs have acquired a whopping 268,149 BTC, worth nearly $13.97 billion.
iShares by BlackRock leads the list of accumulators, with 119,681 BTC worth around $6.23 billion. This huge ownership demonstrates key financial players’ belief in Bitcoin’s potential.
The holdings composition offers a clear picture of the performance of several Bitcoin ETFs. For example, in addition to iShares, we notice large accumulations by Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF, indicating that both providers are positive on the digital asset.
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These targeted ETF accumulations have greatly exceeded Grayscale’s previous selling pressure.
Turning our focus to the Bitcoin price analysis, market mood remains positive. The chart shows a continuous upward trend, with the price rising above the key moving averages, which serve as support levels. These moving averages are frequently used as indications of investor mood, with their ascending order indicating a strong bullish trend.
The graphic also indicates key support and resistance levels. The 50-day moving average (blue line) represents the current support levels, followed by the 100-day (orange line) and 200-day (black line) moving averages. A decline below them may indicate a shift in trend, whilst sustained support above them supports upward momentum. On the upside, resistance is anticipated to form near the current highs, which, if broken, might signal the possibility of additional rise.
The volume of trades and the RSI reinforce this story. The RSI, which is now around 70, shows strong buying pressure, but investors should look for signals of divergence that might indicate a cooling off phase.
