BTC Price Drops Below $94,000 After Quiet Week
BTC experienced a quiet week, with the price falling below $94,000, down over 3% from the previous week. Key points include:
- Crypto exchange volumes are at their lowest since the US presidential election.
- US spot bitcoin ETFs recorded $580 million in net outflows, ending a six-week inflow period.
- Institutional interest remains strong, indicated by significant holdings in BlackRock’s iShares Bitcoin Trust (IBIT):
- Mubadala Investment Co. holds $437 million in IBIT.
- Wisconsin state increased its shares from 2.9 million to nearly 6.1 million.
- Tudor Investment Corp. raised its IBIT holdings from 4.4 million to 8 million shares (valued at $427 million).
- Mike Marshall from Amberdata noted liquidity is building around the $95,000 mark as investors await clearer economic data.
- Historical trends suggest that BTC often rallies in spring before declining in summer.
BTC remains significantly off its all-time high of around $109,000, with a cost basis of $92,000 for short-term holders providing strong support.