Cryptocurrencies continue to advance strongly and Bitcoin (BTC) leads a strong bullish rally. On a historic day for Bitcoin for the “Pizza Day”, the leading cryptocurrency listed according to Binance at US $110,000 reaching US $ 111. During the day and thus achieving a new Historical record. This occurs in a growing institutional demand and encouraging signals both in the macroeconomic and political front.
For its part, Ethereum advances 4% and reaches US $ 2,600. The 20 most operated cryptocurrencies quote with increases of up to 18%headed by Hyperliquid, followed by Bitcoin Cash (9.2%) and Solana (4.9%).
Strong institutional entry in Bitcoin ETF
One of the key factors behind this new escalation is the institutional interest, particularly through the BTC quoted funds (ETF) in cash. Only in the previous day, these products recorded net tickets for more than 600 million dollarsmainly concentrated in the background Blackrock Ibit. So far from May, the net flow to the ETF reaches the 3.6 billion dollars.
“We believe that the big institutions are leading this Bitcoin rally. If the entrances to the ETFs are maintained, this trend is likely to continue,” said Jeff Mei, director of operations of operations of Btseto COINDESK.
The temporary agreement between United States and China To suspend the imposition of new tariffs for 90 days it has been another catalyst. This commercial truce reduced global macroeconomic risks, encouraging capital return to risk assets, such as cryptocurrencies.
To this is added Recent weakness of the US dollarwith the DXY index falling below the level of 99, which increases Bitcoin’s attraction as alternative value reserve.
On the political level, Texas He took a symbolic but significant step by passing a bill to create a Bitcoin State Reservereinforcing the growing acceptance of cryptoactive within the official financial system.
Confidence of whales and price expectations
The market feeling was also driven by movements of large investors. James Wynnrecognized as one of the “whales” of the crypto ecosystem, raised its long position until it reached 1,000 million dollars In BTC, which fueled more market optimism.
In parallel, the BTC options contracts They show a markedly bullish bias: the open interest reached a record of 42.5 billion dollarsand many contracts bet on prices above 120,000 and $ 130,000.
Institutional support is extended
The institutional support for digital assets also added another chapter with the announcement of JP Morganwhich will allow its customers to invest in Bitcoin. This decision occurs despite the skepticism expressed in the past by its CEO, Jamie Dimonand represents an important advance in the legitimation of the BTC among traditional financial actors.
“Like the largest United States Bank, JP Morgan’s decision can press other financial institutions to follow the same way not to be left behind,” says Ryan Lee, chief analyst of Bitget Research.
From the technical point of view, analysts point out that, if current conditions are maintained, BTC’s next psychological objective is around $ 115,000. According to QCP Capitala rupture above that level “could activate a new wave of fomo, attracting retail capital and further accelerating the price escalation.”
Source: Ambito
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