Bitcoin (BTC) has surged over 50%, reaching a new high of $111,880, after a previous 32% decline. This recovery is attributed to strong ETF inflows and spot market activity, according to Bitfinex Alpha.
Despite macroeconomic uncertainties, Bitcoin has shown stability, reflecting its role as a macro-sensitive investment. Metaplanet's recent $104 million Bitcoin acquisition and crypto-friendly legislative proposals in Michigan highlight growing institutional support.
Profit-taking is apparent as Bitcoin hovers around current price levels. Maintaining above the $95,000 short-term holder cost basis is crucial for its future. Over $11.4 billion in short-term profits were realized in the past month.
U.S. economic challenges include soaring long-term bond yields and a weakening dollar. The 10-year and 30-year bond yields have surpassed 4.5% and 5%, respectively, signaling fiscal concerns.
Institutional Bitcoin adoption continues, with companies accumulating over 8,800 BTC. Strategy alone holds over 2.7% of the total Bitcoin supply, viewing it as a strategic reserve.
FIFA plans to build its blockchain on the Avalanche platform. This move aims to facilitate easier access to digital collectibles for developers and fans, supporting FIFA's Web3 expansion.
This article is based on our author's analysis of materials taken from the following resources: Bitfinex Alpha.