Bitcoin hovered around $93,000 on Tuesday as institutional appetite continued to underpin prices. U.S.-listed spot exchange-traded funds (ETFs) posted their biggest one-day inflow since early October.
Further bolstering near-term sentiment, Strategy announced a fresh Bitcoin purchase on Monday alongside an expansion of its cash reserves, strengthening confidence in the world’s largest cryptocurrency by market value.
As of 1:36 GMT, Bitcoin was trading at $93,695, down 0.19 percent.
ETF inflows hit $697.25 million
Institutional appetite for Bitcoin remains firm at the start of the week. Data from SoSoValue shows that spot Bitcoin ETFs attracted $697.25 million in inflows on Monday, the largest single-day total since early October, when BTC surged to a fresh all-time high of $126,199.
Should these inflows persist and accelerate, they could provide fresh momentum for a further rally in prices.
“Over the past month, Bitcoin has traded in a volatile but broadly range-bound fashion as investors digest shifting macroeconomic signals, uneven institutional flows and signs that the market is transitioning from a sharp correction into a consolidation phase,” said Axel Rudolph, Market Analyst, IG.
Rudolph added that data published over the past two to three weeks show that after a period of sustained outflows, some of the largest U.S.-listed spot Bitcoin ETFs recorded their strongest net inflows in weeks, signaling a partial return of institutional demand and driving the Bitcoin price back towards the $94,000.00 region.
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Strategy boosts BTC holdings to 673,783
On the corporate front, Strategy’s Executive Chairman Michael Saylor said on Monday that the company acquired an additional 1,287 Bitcoin, lifting its total holdings to 673,783 BTC and underscoring the company’s ongoing aggressive accumulation and long-term confidence in the cryptocurrency.
The firm has also boosted its U.S. dollar reserves by $62 million to $2.25 billion, strengthening its liquidity position and giving it greater flexibility to fund future Bitcoin purchases.
“Bitcoin’s recent rally towards its key $94,095.33-to-$94,766.54 resistance zone – made up of the mid-November low and the December and January highs – is encouraging for the bulls. For the bulls to be fully back in control, the 11 November high at $107,461.75 would need to be exceeded,” added Rudolph.
