Starting from Monday, $Bitcoin(BTC.USD.CC)$ broke through the downtrend and surged. As of the time of writing on Wednesday, with Bitcoin (BTC) prices hitting a six-week high, Bitcoin trading is shifting towards the price of $93,000.
On the macro front: Since February, the $USD Index(USDindex.FOREX)$ has been falling freely, reaching its lowest point since 2022. Investment bank JPMorgan stated in a research report in January that $Gold - main 2506(GCmain)$ and $Bitcoin(BTC.USD.CC)$ "seem to have become more important components of investors' portfolios," with traders viewing Bitcoin and gold as potential hedges against upcoming trade wars and geopolitical turmoil.
In terms of market sentiment: according to data from CoinGlass, Bitcoin's open interest (OI) has surged by 17% to $6.83 billion, hitting a two-month high. OI measures the total capital invested in Bitcoin derivatives markets, and an increase in OI indicates a growing bullish sentiment among traders.
Regarding capital inflows: CryptoQuant analyst @AxelAdlerJr posted data on social media stating that over the past 3 days, the BTC futures market has seen an addition of 57,000 BTC positions, worth $5.345 billion at current exchange rates. This is the largest increase in liquidity in the past year.
On the institutional accumulation front:
On April 21, Saylor announced that they had acquired an additional 6,556 Bitcoins at an average price of approximately $84,785 per Bitcoin. This brings $Strategy(MSTR)$ 's total holdings to a staggering 538,200 Bitcoins, valued at about $48.4 billion at current prices.
On a smaller scale, Japan-based Metaplanet also added 330 Bitcoins to its reserves, boosting its total holdings to 4,855 Bitcoins.
Despite $Tesla Motors(TSLA)$ 's first-quarter 2025 earnings missing expectations, the company still holds 11,509 Bitcoins (BTC).
According to data from Bitcointreasuries.net, corporate Bitcoin treasuries now hold nearly $65 billion worth of Bitcoin.
$Bitcoin(BTC.USD.CC)$ flips Google to become the 5th-largest asset globally with a $1.87T market cap.
Technically speaking: Cryptocurrency analyst Rekt Capital pointed out that Bitcoin has clearly broken through its multi-month downtrend. "The multi-month downtrend has come to an end. When a technical downtrend is broken, a technical uptrend follows."
Looking at individual stocks, several stocks are breaking through. Among the top 10 market cap BTC-related stocks on Wednesday, the gains were pleasing, with the exception of $Strategy(MSTR)$ , $Coinbase Global, Inc.(COIN)$ and $IREN Ltd(IREN)$ which had gains of less than 10%; the remaining stocks, including $MARA Holdings(MARA)$ , $Riot Platforms(RIOT)$ , $CleanSpark, Inc.(CLSK)$ , $Bitdeer Technologies Group(BTDR)$ , $Hut 8 Mining Corp(HUT)$ $TeraWulf Inc.(WULF)$ and $Cipher Mining Inc.(CIFR)$ all saw double-digit percentage increases.
It is worth noting that, aside from $Strategy(MSTR)$ , which still maintains a positive return for 2025, the other nine stocks are still negative. Whether there will be more opportunities in the short term remains to be seen.
In terms of ETFs, the top ten by market capitalization for BTC ETFs are $iShares Bitcoin Trust(IBIT)$ , $Fidelity Wise Origin Bitcoin Fund(FBTC)$ , $Grayscale Bitcoin Trust(GBTC)$ , $ARK 21Shares Bitcoin ETF(ARKB)$ , $Bitwise Bitcoin ETF(BITB)$ , $VanEck Bitcoin Trust ETF(HODL)$ , $Valkyrie Bitcoin Fund(BRRR)$ , $Invesco Galaxy Bitcoin ETF(BTCO)$ , $Franklin Bitcoin ETF(EZBC)$ , $WisdomTree Bitcoin Fund(BTCW)$ .
As the US dollar and gold prices fall, have the little tigers noticed this rebound?
Is it hedging or speculation at the moment?
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