Market Review: US crypto support continues

Bitcoin, which opened the week at 101 thousand dollars, closed it at 104 thousand dollars with an increase of more than 3%; He also renewed his new record.

Although levels of 94 thousand dollars were seen at the beginning of the week, spot Bitcoin ETFs in the USA saw positive inflows on all trading days of the week and closed the week with positive inflows of over 2 billion dollars. (This suggests that spot ETFs are continuing to buy BTC despite the price drop.)

Ethereum is; While it opened the week at 4 thousand dollars and closed it with a loss of nearly 1% at 3950 dollars; Spot Ethereum ETFs also saw positive inflows across all trading days of the week, similar to Bitcoin. It closed the week with positive inflows of over 850 million dollars. Thus, spot Ethereum ETFs extended the record of the 10-day positive inflow series that they broke last week to 15 days. However, given the current market dynamics, I will reiterate my view from last week in terms of price performance. “It still has not reached its peak levels and remains behind the levels of March-May this year.”

Market valuation aside; The flow of news that will positively affect Bitcoin and Ethereum (and therefore the entire cryptocurrency market) continues.

While Blackrock still maintains its title as the world’s largest asset management company, with $11.5 trillion in asset management; The Bitcoin spot ETF also remains the largest fund in the industry, with $50 billion in assets. Here is this institution this week; published a report stating that it is reasonable to include 1% to 2% Bitcoin in multi-asset portfolios and sent a message to investors all over the world to take a share in this area.

On the other hand, we learned that Microstrategy, which is identified with Bitcoin investments, entered the Nasdaq 100 index. Thus, investments made in the top 100 index will now include Microstrategy. Since many large ETFs have shares in this index, analysts predict that Microstrategy will receive around $2 billion in new investments. We know where these investments will go.

In addition to all this, a Republican representative from the state of Texas announced that he has submitted a bill to add Bitcoin to the strategic reserves of the USA, which we keep our eyes on. In a statement he gave this week, Trump supported his promise to make Bitcoin a strategic reserve. About crypto; He said he wanted the United States to be the leader, not China or any other country to adopt it.

On the Ethereum side; World Liberty Finance, which is a project of the Trump family and has a presence in the world of decentralized finance, purchased another 5 million dollars of Ethereum with the money in its treasury and updated nearly 50 million dollars of the nearly 75 million dollars in its treasury to Ethereum.

When we look at these developments together; We see that the USA continues its support for cryptocurrencies, primarily Bitcoin.

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