Institutional Investors Fuel the Rise
The Bitcoin price has soared past $59,000, defying expectations and continuing its rally ahead of the upcoming halving event. Institutional investors have played a significant role in this surge, taking advantage of the Bitcoin Spot ETFs approved by the SEC.
Despite concerns about high fees, inflows into the Grayscale Bitcoin Trust have continued, with Spot ETF inflows reaching $400 million in a single day. Trading volumes have also surged, crossing $2 billion on Tuesday for the second time in a month.
Fidelity Investments, a major issuer of Spot Bitcoin ETFs, has encouraged investors to allocate a small portion of their portfolios to Bitcoin. While a 1-3% allocation may seem small, it represents a substantial amount of money for institutional investors.
Bitcoin Dominance Remains Strong
Despite Bitcoin’s recent rally, the crypto market remains dominated by Bitcoin. BTC dominance currently stands at 54.1%, indicating that altcoins may not be ready to take the lead just yet.
Bulls Target $60,000
The bulls are currently focused on maintaining support at $59,000, which will provide a bounce point towards $60,000. With the previous all-time high at $69,000, Bitcoin is less than 20% away from reaching a new record.
