On Monday, August 19th, spot Bitcoin ETF inflows reached as high as $62 million. Among them, BlackRock took the lead with $92.7 million. Institutions including Morgan Stanley continue to be optimistic about Bitcoin. According to BitcoinMagazine, 60% of the world’s top 25 hedge funds have disclosed their Bitcoin ETF holdings. Millennium Mgmt. holds 27,263 BTC, with an increase of 1,429 BTC this quarter; G.S.Asset Mgmt (Goldman Sachs) holds 6,202 BTC, with a new addition of 6,202 BTC this quarter; Schonfeld Str.Advsrs. holds 6,734 BTC.
Experts anticipate that in a few weeks, institutional investors such as Morgan Stanley could drive a recovery in Bitcoin’s price. Prominent analysts like Michael van de Poppe also predict that after a weak trend of 1-2 weeks, “we’re going to be surging back upwards.”
Currently, the price of Bitcoin is hovering around $60,600, which is the position that all traders are paying the most attention to. Cryptocurrency analyst Rekt Capital estimates that if BTC closes above $60,600 this week, it will enter the post-Halving reaccumulation phase. Historical cycles show that Bitcoin tends to enter the parabolic phase of the market cycle about 160 days after the halving, during which its price will show a significant upward trend. This pattern has been confirmed in previous halving cycles. If this pattern holds, then Bitcoin may only be a little over a month away from rising again and breaking new highs, and the end of September may be the start of the next surge in Bitcoin prices.
So, has BTC bottomed out? Will September usher in the much-anticipated post-halving surge? SC MINER cannot answer this question for now, but regarding the future of Bitcoin, perhaps we can borrow a statement from MSTR’s CEO Michael Saylor, who posted on social media on August 20th: By my calculations, bitcoin is going up forever.
If you are planning a better BTC mining layout, please continue to follow us; SC MINER is selling a variety of BTC ASICs, providing you with the optimal mining solutions under different budgets, electricity prices, and regional influences!
Finally, SC MINER would like to remind everyone that all investments carry risks, so decisions should be made cautiously.
SC MINER is the world’s most renowned international mining equipment trader and a core agent for manufacturers such as Bitmain and Goldshell, with the advantage of priority sales. SC MINER’s sales team has been serving miners in dozens of countries globally since 2017, with ample experience and outstanding integrity to maximize your value!
