This week, Bitcoin exploded to the 31K USD resistance level and has reached a double top zone.
There were multiple news stories of institutions piling into the cryptocurrency market, despite the ongoing legal battles between the SEC, Binance and CoinSpot. The largest fund on the planet (BlackRock) applied for Bitcoin Spot ETF in recent weeks. We also know that BlackRock has been increasing its exposure to Bitcoin indirectly, through MicroStrategy (MSTR), the largest corporate holder of Bitcoin.
BlackRock is one of MicroStrategy's top five shareholders, with a reported 8.1% stake, a 25% increase from 2022. MSTR is the largest institutional Bitcoin holder, with 140K BTC valued at more than $3 billion. If any asset manager can successfully push through a Bitcoin ETF, it will be the largest asset manager in the world.
Additionally, in Europe, Deutsche Bank applied to Germany's financial services authority to provide cryptocurrency custody services. Deutsche Bank wants to expand its digital assets and custody business. Deutsche's appeal to BaFin is part of a larger drive to increase fee revenue for its business bank unit. With a BaFin licence, crypto businesses can confidently promote and sell their services in the German market.
It appears as though institutions are turning bullish on digital assets!