According to external sources, despite the recent and sustained reduction of miners and some institutions, bitcoin has remained at a level of approximately $62,000 to $66,000 for the past month. According to the article, this trajectories suggest that the market still has the funds to carry out, and that sales pressure has not completely crushed the price structure.
The pressure's not broken.
It was reported that, in the recent past, new deployment needs had emerged on one side of the market, which had been burdened by miners and institutions. At the time of the cut-off, Bitcoin had reported approximately US$ 64,595 and was still in the processing room for almost a month.
The article also mentioned that market sentiment was partly affected by the expected cooling of the September interest rate hike by the Federal Reserve. Goldman Sachs had previously considered that there was a low probability of a further increase in September, which somewhat eased the risk asset pressure.
ETF Maintenance and Enterprise Configuration Advance
In terms of institutional silos, Tudor Investment Corporation increased the availability of Bitcoin ETF in Belet in the second quarter by 18.9 per cent, reversing the decline of the previous year. Quantified trading company Jane Street also increased the spot bitcoin ETF hold-up by about $630 million, bringing the total hold-up to about $990 million to $1.06 billion over the same period.
In terms of enterprise configuration, Metaplanet plans to move its Bitcoin Treasury model to the NASDAQ market through Super League Enterprise. According to the article, Metaplanet will invest 2,100 bitcoin and $2.5 million in cash in this game company and promote its renaming as Superplanet.
Multi-terrestrial policy progress supports emotions
The article also listed a number of adoptions and policy developments. Kazakhstan announced a three-year zero per cent tax policy on the proceeds of individual encrypted assets. Following the advance of Russian encryption regulation, the Moscow Exchange also announced that it would launch a future trade in bitcoin and ITA in September.
In terms of institutional configuration, Belet believes that the allocation of 1 to 2 per cent of bitcoin in the portfolio would help to improve risk-adjusted returns. According to the article, this judgement is based on the decline in the relevance of bitcoin to the stock market.
63200 for short-line observation.
According to the article, if Bitcoin could hold the median of the realized price of approximately US$ 63,200, the short line would have the opportunity to explore the US$ 65,000 resistance position again; if this level was missed, it could look back at the US$ 62,000 area.
At the same time, it was mentioned that some of the graph signals were similar to the end of 2022, and therefore there were still low-cost funds on the market. For the year, the agency estimates range from $50,000 to $75,000, but this is still a point of view and has not yet been agreed.