BlackRock Bitcoin ETF (IBIT) continues to dominate institutional BTC inflows, adding 2,250 BTC worth $232M on Wednesday. This surge pushed IBIT’s total holdings to 628,000 BTC, underscoring strong institutional demand as Bitcoin hovers near $103,000.
IBIT Drives Majority of U.S. Bitcoin ETF Inflows
U.S. Bitcoin ETFs net inflows on Wednesday: $319M.
IBIT’s share: $223M, leading the market.
Fidelity’s FBTC & Grayscale mini BTC ETF added $35M each.
IBIT’s share price is up 23% over the past month, signaling robust institutional interest.
Bitcoin Long-Term Holders Strengthen Positions
On-chain data from Glassnode shows Bitcoin’s Long-Term Holder (LTH) realized price has increased to $45,340, reflecting:
Aging of coins bought in the $90K–$100K range.
Transition of these coins into long-term holdings.
Growing investor conviction despite recent price rallies.
BTC Faces Critical Resistance at $104,900
Current BTC price: $102,388, down 1.2%.
Daily trading volume: $44.5B, a 10% drop.
RSI signals: Overbought, suggesting possible pullback to $100K.
However, analysts see technical patterns favoring bulls:
Ascending triangle formation on hourly charts.
$104,900 identified as key horizontal resistance.
Breakout above this level could trigger a move to new all-time highs (ATH).
Conclusion
While Bitcoin consolidates near $103K, BlackRock’s IBIT continues to absorb supply, driving spot demand. Clearing the $104,900 resistance is crucial for confirming a bullish breakout toward uncharted price territory. The absence of excessive leverage signals a healthier rally, bolstered by strong institutional backing.
Related topics:
How Is Crypto Currency Bad For The Environment
Can Cardano (ADA) Reach $1.17?
Tether-Backed Twenty One Capital Purchases $458.7M in Bitcoin
