Bitcoin Holds Above $105K Amid Stable Long-Term Holder Activity
As Asia begins trading on Wednesday, bitcoin (BTC) is priced above $105.5K, down from $107K during the U.S. session. Despite recent geopolitical tensions, BTC has shown stability, up 1% over the past month.
Key points include:
- BTC approaches its all-time high of $111K, with a disciplined market observed.
- Long-term investors are holding their positions, with supply rising to 14.7 million BTC and low realized profits noted by Glassnode.
- The adjusted Spent Output Profit Ratio (aSOPR) indicates recent tactical trades rather than widespread selling.
- $2.2 billion in net inflows to BTC spot ETFs were reported, suggesting strong institutional demand.
- Bitcoin's realized cap has increased to $955 billion, indicating real capital investment.
- Leverage in the market is increasing, raising concerns about potential volatility.
- The balance between long-term holders and short-term traders creates uncertainty regarding future price movements.
Figma Holds $70M in BTC ETFs
Design firm Figma disclosed a $70 million position in the Bitwise Bitcoin ETF (BITB) as part of its IPO filing. This investment has appreciated by 27% since its initial approval of $55 million in March 2024. A subsequent resolution approved an additional $30 million for future BTC conversion, targeting a total allocation of $100 million.
DeFi Development Corp. Plans $100M Fundraising
DeFi Development Corp., focused on Solana (SOL), announced plans to raise $100 million through convertible notes due 2030, including a potential additional $25 million option.
Market Movements:
BTC: Currently around $106K, long-term holders remain largely inactive.
ETH: Faced heavy selling after failing to break resistance at $2,522, with a 4.5% trading range.
Gold: Increased over 1% due to a weaker dollar, hitting $3,357.85 for spot prices.
S&P 500: Mixed performance with a slight decline of 0.11%, closing at 6,198.01.