With Bitcoin holding above $70,000 for almost a month, investors, whales and institutions alike, are becoming increasingly bullish.
As a result, these players have increased their accumulation. For starters, Onchain Lens reported that a newly created wallet withdrew 1,051 BTC, worth $82.37 million, from Binance.
This whale bought Bitcoin [BTC] and placed it in private custody, signaling an intention to hold it for the long term.
Such market behavior showed conviction, as the whale believed that the market was still undervaluing BTC and believed that further gains were likely.
Moreover, Morgan Stanley has continued its buying spree. According to Onchain lensthe bank bought 286.7 BTC for $22.48 million. With the recent purchase, Morgan Stanley’s BTC holdings increased to 2,620 BTC worth $204.7 million.
Morgan Stanley’s continued accumulation shows growing confidence in Wall Street’s digital assets. In total, these two entities purchased 1337.7 BTC worth approximately $104.85 million.
Institutions are aggressively accumulating BTC
In addition to Morgan Stanley, which is actively involved, American investors are also flocking across the board. In fact, after being negative for four days in a row, the Coinbase Premium Index has turned positive again.
At the time of writing, the metric stood at around 0.003, while the Premium Gap stood at 2.9. At these levels, this measure suggests that US investors have started buying again.
The capital flowing into US spot ETFs confirms this market shift. According to data from SoSoValue, net inflows into BTC Spot ETFs rose to $629.7 million.
This jump marked an increase of over $600 million from the day before, signaling a huge shift in institutional sentiment. Since the adoption of ETFs in 2024, markets have recovered when institutions deploy significant capital.
Can Demand Boost BTC to Break the $80,000 Resistance?
Bitcoin has been trading within an ascending channel for the past month, with minor pullbacks along the way. Amid strong upward momentum, large entities have increased their capital deployment.
This has further strengthened the upside potential. As demand-side activity recovered, Bitcoin’s daily Relative Strength Index (RSI) rose from 53 to 60, moving strongly into the bullish zone.
However, the signal lines are also holding at about the same level, indicating that bulls have yet to take control, while sellers are showing the same level of determination.
The RSI setup suggests that the market’s next move is in the balance. So if institutions hold on, the market could see more gains.
In fact, the Future Grand Trend Indicator suggests a potential jump above $80,000. Despite the prevailing market conditions, BTC has failed to turn around $80,000 and has repeatedly returned to $79,000.
But now, based on this indicator, BTC could turn around $80,000, reach $81,300 by the end of the first week of May, and then fall back to $78,000.
Final summary
- Morgan Stanley purchased 286.7 BTC for $22.48 million, while a whale bought 1,051 BTC, worth $82.37 million.
- US institutional investors have increased Bitcoin accumulation, with net inflows into spot ETFs rising to $629 million.