Bitcoin appears stable around $108,716 but is showing signs of a potential breakout as both retail and institutions increase their investments. André Dragosch, the European head of research at Bitwise, highlighted the accelerated corporate adoption of Bitcoin, noting that in July and August, 28 new bitcoin treasury firms contributed over 140,000 BTC to corporate holdings. This significant increase in institutional demand comes at a time when new Bitcoin supply is relatively low, suggesting a substantial demand-supply imbalance that may redefine historical norms. For investors, this changing dynamic could alter their strategies with the halving-driven supply narrative taking a back seat to the accelerating institutional interest.
Key Points to Note:
- Bitwise data indicates an uptick in BTC accumulation by both retail and institutional investors.
- Over the last two months, 140,600 BTC were added to corporate treasuries.
- Current institutional demand is over six times the new Bitcoin supply, suggesting a significantly higher appetite for BTC.
Market Activity & Price Analysis:
- Bitcoin traded within a narrow range of $1,285 recently and spiked to $109,518.96 before pulling back.
- Support is observed between $108,350 and $108,400, while resistance is near $109,500.
Ultimately, despite substantial retail accumulation, Bitcoin’s price remains relatively stable, urging investors to keep an eye on upcoming market catalysts.
