Bitcoin was able to head towards the “highest ever” second half thanks to strong institutional profits and Treasury purchases, writing standard charter Jeff Kendrick in a memo on Wednesday, hours before his assets fell above $109,000 for the first time in three weeks.
Analysts at the UK-based bank write that they are looking for current and fourth quarter acquisitions, respectively, to surpass Q2’s robust 245,000 BTC, and are headed towards a record above the previous high of $111,814 set in May. “Bitcoin prints new all-time highs in H2,” Kendrick wrote.
He added that it was because BTC moved beyond the normal price decline pattern for the 18 months following the harving event.
But it’s not all smooth sailing, he warned.
“I think prices could be cut off between the second half of the third and early fourth quarter amid concerns about this pattern being repeated,” Hugh Root said. “But we hope that prices will resume their uptrends, supported by the ongoing strong ETFs and Bitcoin Treasury purchases.”
He noted that both the support and ETF for BTC finance companies were not present in all previous harving cycles.
Following the long-term leads of BTC buyers such as Metaplanet, Bitcoin Treasury companies have grown in recent months.
Bitcoin has recently been trading at around $109,459 after winning 3.1% in the past day. According to Coingecko data, this is above 2.2% a week ago.
Funds traded on the Bitcoin exchange on Tuesday were pulled back, cutting assets of $342 million and closing profits for the 15th consecutive day, according to UK asset manager Farside Investor. However, these funds now manage more than $130 billion in assets as BlackRock’s Ishares Bitcoin Trust (IBIT), which is growing faster than any other product in the 32-year history of the ETF industry. IBIT manages more than $70 billion in assets.
The 141 publicly traded companies’ growing list holds 849,400 Bitcoin with a current valuation of over $92 billion based on Bitcointreasuries.net data.
The strategy pivoted from the focus of software development in 2020 to develop Bitcoin’s financial strategy. The Nasdaq trading company buys Bitcoin almost every week for most of the year, but now has 597,000 Bitcoin worth around $65 billion.
The crypto market has largely bored concerns about the US’s ongoing global trade war and President Donald Trump’s harsh criticism of US Central Bank Chairman Jerome Powell for not cutting interest rates.
Speaking at Portugal’s European Central Bank Forum, Powell admitted that without President Donald Trump’s trade policy, the Fed would already begin cutting rates this year.
Edited by James Rubin
