According to a particular SEC filing, the world's biggest asset manager in the world has just announced that they are going into Bitcoin. It seems like this is going to be coming sooner than later.
Bitcoin right now is doing exactly what we wanted to see it do. It came down, touched the green bottom line, tested our support. This is an excellent opportunity to go in long or have a spot buy order. One thing I abide by in trading is: to always buy low and sell high. The tests of support are usually the best times to enter a position.
Although Bitcoin could still come down to test that level of support, so you may get another chance to fill some orders on that area before we see a more significant breakout for Bitcoin. But if that support were to fail, the next key line would be $30,000. The big dip that happened overnight was totally normal and totally empty. The market still continues to look very bullish.
Blackrock may start trading Bitcoin futures in its funds; this is the world's biggest asset manager having $7.8 Trillion in assets. They just filed paperwork with the SEC stating that certain funds of theirs may now engage in futures contracts based on Bitcoin, meaning that they will start trading in Bitcoin over on CME. Unfortunately, they are not going to buy Bitcoin directly; this is still a significant move regardless.
The amount of institutional money that we have seen entering Bitcoin over the last few months is fascinating. At this point, I do not think any institution out there will be trying to ignore or downplay Bitcoin, especially now that Blackrock is going in.
Whale addresses for Bitcoin just hit a new high again with around a total of 2,430 whales. These are addresses, of course, with more than a thousand Bitcoins, and we've had about 164 new whale additions in the last three weeks. One hundred sixty-four hedge funds, institutions, and big money players have entered Bitcoin with purchases at a minimum of a thousand Bitcoin buying a coin at a price of over $30,000.
The Bitcoin exchange balances continue to plummet day after day. The last three weeks have seen an unprecedented amount of Bitcoin at individual exchanges, and in fact, there is much more Bitcoin leaving the exchanges at the moment than we saw back in 2017.
We are currently outpacing the demand for Bitcoin of 2017, and that's a massive sign that Bitcoin price will go higher. It's not too late to invest in Bitcoin.
