The post Why $60K Is the Ultimate Bitcoin Floor: K33 Research appeared first on Coinpedia Fintech News

The ultimate price floor for Bitcoin (BTC) in the current market cycle is $60,000, according to K33 Research, the research arm of K33 digital asset brokerage company.

In a May 19th publication, the crypto market intelligence firm supported its argument by citing crypto market support from heightened institutional adoption.

Bitcoin will not drop below $60K, cushioned by institutional investment

Notably, Bitcoin institutional investors comprise public and private corporations, spot ETF issuers, and fund managers. It also includes systematic hedge funds and trading firms, as well as pension funds and endowments.

According to CryptoQuant’s Bitcoin Fund Holdings Chart, the cryptocurrency’s holdings have grown steadily among institutions. The period post-2024 is seeing the most considerable growth. 

Spot Bitcoin Exchange-Traded Fund (ETF) is overwhelmingly the most popular cryptocurrency product offered by institutions, with BlackRock’s iShares Bitcoin Trust holding 817,138.2 BTC. Interestingly, BlackRock itself held no BTC until January 2024.

Source: CoinMarketCap

As for publicly listed corporate holders, Strategy leads the race, with 843,739 BTC following a period of continuous accumulation starting in August 2020.

That said, recent geopolitical unrest has caused Bitcoin ETF issuers to scale back. Bitcoin itself saw $982 million in outflows in the week ending on May 15. Still, their positions remain considerable as compared to previous cycles.

According to Ventle Lunde, head of research at K33 Research, these conditions make a 80% price drop like the one witnessed in 2018 and 2022 highly unlikely. Instead, BTC is likely to consolidate between $60,000 – $75,000 without capitulation beyond that.

Liquidity is king

Arthur Hayes supports Bitcoin’s bullish theory this year, saying $125,000 is a “foregone conclusion.” In a post stating “liquidity is king,” he argues that printing money to fund wars, service debt, and fight AI-driven inflation will eventually fuel the coin’s rally to new highs.

With BTC trading at $77,442 at the time of writing, and having dropped to $59,600 this year, it remains to be seen how geopolitical and economic factors will impact its future movements.

The post Bitcoin Whales Defy $77K Drop as Large Wallets Surge 11% appeared first on Coinpedia Fintech News

The number of Bitcoin (BTC) wallets holding at least 100 BTC (roughly $7.7 million at press time) has risen to 20,229. This represents an 11.2% increase over the past year, from 18,191.

On-chain data show that wallets of this size typically belong to whales, institutions, major investors, and highly capitalized long-term holders. The holdings indicate strong long-term conviction, given that Bitcoin has dumped by 27.2% in price over the same period ($105,574 to $77,000).

Bitcoin whales display aggressive bullish bias

More recently, Bitcoin experienced a major pullback, dropping from over $82,000 a week ago to $77,000. Geopolitical tensions between the US and Iran have contributed to market-wide risk aversion, with Sunday seeing the largest single-day liquidation of bullish bets (over $700 million) since February 6.

Last week also marked the first negative week in seven for ETF flows. According to CoinShares, digital asset investment products saw $1.07 billion in outflows, with Bitcoin accounting for $982 million.

In the past year, Bitcoin has also experienced major volatility – literally halving in price from its all-time high of about $126,000 to $63,000 on February 28 – the day active hostilities began in the Middle East.

Source: Trading View

Bullish sign flashes

According to the blockchain analytics platform, Santiment Intelligence, whales are showing steady resilience during a time when retail is exuding panic, fear, and skepticism.

“Historically, rising whale wallet counts are viewed as a sign that key stakeholders still have confidence in Bitcoin’s future value and scarcity.” 

Source: Santiment Intelligence

Additionally, bullish reversals typically form when retail fear sets in as whale accumulation rises.

That said, the US-Iran conflict remains a major sentiment mover among institutions and retailers alike, causing price swings as consequential developments on the war roll out. We now wait to see whether whales will step in to offset selling pressure and hold larger positions, as has historically been a catalyst for a bullish trend.