- Fidelity’s $117.1M Bitcoin buy underscores rising institutional confidence in crypto investments.
- Bitcoin trades between $62K-$63.6K as major institutions, like Metaplanet, capitalize on price dips.
- MicroStrategy’s stock soars 157% in 2024, driven by aggressive Bitcoin buying amid market volatility.
Fidelity’s Bitcoin ETF ($FBTC) has purchased $117.1 million in Bitcoin today. With this significant purchase, Fidelity establishes itself as a prominent player in the cryptocurrency market and shows its continued commitment to digital assets. Fidelity’s interest demonstrates the growing acceptance of Bitcoin as a major asset in diverse portfolios.
Institutional Bitcoin Buying Trend
In addition to Fidelity, other institutions are making big Bitcoin investments. Metaplanet purchased an extra 108.99 BTC recently, increasing its total Bitcoin holdings to 748.502 BTC. The company is using a strategy similar to MicroStrategy that is focused on buying Bitcoin during bear markets.
The continuous investment by institutions solidifies the position of Bitcoin as a store of value. This year, MicroStrategy has also seen a 157% increase in its stock price, mostly as a result of its ongoing Bitcoin acquisitions.
This acquisition is consistent with Fidelity’s main objective of providing clients with access to digital assets. Fidelity has been offering its clients a variety of cryptocurrency-related goods and services over the last few years. The assets of Fidelity’s Wise Origin Bitcoin ETF recently reached $11 billion, indicating a rise in investor interest.
Bitcoin’s Price Movement Amid Fidelity Purchase
Over the past two days, Bitcoin has been trading between $60,000 and $62,000, recovering from a recent dip under $60,000 earlier this month. Analysts estimate that institutional buying and historical patterns will push Bitcoin up to $77,000 by the end of October. Bitcoin traditionally rises in October, with a potential 30% price increase. If the current institutional buying continues, the traditional ‘uptober’ may continue.
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Investors are watching the price movement of Bitcoin as major financial institutions like Fidelity and Metaplanet continue to make investments in it.
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