5 min readBitcoin continues to trade within a familiar pattern between 94K and 98K as investors await fresh catalysts and brace for the FOMC meeting minutes.
The price briefly spiked below 94k yesterday before recovering back into its familiar trading range. The price remains 10% off its all-time high, while Gold and US stocks trade at record levels.
Despite the ongoing Bitcoin consolidation, as investors await further news surrounding a US Bitcoin National Reserve, the recent 13F filings showing institutional ownership of Bitcoin could help buoy demand and support a more bullish longer-term view for Bitcoin.
13F filings support BTC long long-term
The filings show that the type of Bitcoin buyers is expanding from retail and hedge funds to banks and sovereign funds.
Filings have shown that Goldman Sachs has expanded its cryptocurrency presence by investing $2 billion in Bitcoin ETFs and related options in Q4 2024. Meanwhile, Abu Dhabi’s sovereign wealth fund Mubadala Investment Company revealed a considerable Bitcoin ETF holding, making it the 7th largest holder of shares in BlackRock’s Bitcoin ETF. According to its 13F filing, Mubadala invested $436.9 million in BlackRocks’ Bitcoin ETF last quarter, highlighting its digital ambitions.
The scale of these institutions’ investments marks a turning point in institutional currency adoption, as traditional banks and sovereign funds find regulated ways to gain exposure to digital assets. This evolution could support the Bitcoin price longer term.
FOMC meeting minutes in focus
Near-term attention now turns to the minutes of the January Fed meeting, which the market will scrutinise for clues about the outlook for interest rates. The Fed left rates unchanged at the meeting and signaled caution about further rate cuts. Hawkish minutes could keep BTC/USD under pressure.
Solana falls amid fallout from the LIBRA.
Solana trades over 10% lower over the past 24 hours as the meme coin market may finally have peaked or as the market reacts to concerns of criminality over the weekend involving Argentine president Javier.
Solana has traded over 35% lower over the past month, returning all its post-Trump election gains. The coin had greatly benefitted from being a hub for meme coin trading and token launches. However, this now appears to be a two-sided coin.
Solana is struggling amid the fallout from LIBRA, the latest pump-and-dump token launch, which has embroiled several key figures, including the Argentine President.
The LIBRA was released on Friday and quickly soared to a $4 billion market cap following Argentine President Milei’s post on X, which noted that the project would support small and medium-sized businesses in Argentina. Milei then retracted his support, causing the currency to lose almost all its value, while insiders profited over $100 million. Milei now faces fraud charges, and Solana-based DEX Meteora co-founder Ben Chow also resigned after being implicated.
While sentiment toward Solana is weak, an unlocking event that will increase the token’s supply brings further uncertainty. Exactly how many tokens will be released remains unknown, although estimates suggest around 15.725 million tokens valued at approximately $2.5 billion over the next three months. Most of these may come from the defunct exchange FTX estate holdings. The upcoming increase in supply is also likely weighing on SOL’s price.
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