Bitcoin Nears Critical Resistance as Institutional Demand Clashes with Profit-Taking
Bitcoin recently surged to $94,300, testing a crucial resistance level amid mixed market signals. While short-term holders took profits, institutional demand provided underlying support, creating a pivotal moment for BTC’s next major move. Glassnode data highlights the significance of the $92,900 level—the Short-Term Holder Cost Basis—which has historically determined whether Bitcoin enters a bullish rally or bearish correction. This pattern mirrors behavior observed in mid-2024, suggesting potential for a major breakout if institutional inflows persist.
Bitcoin Tests Key Price Threshold Amid Profit-Taking and Institutional Demand
Bitcoin surged to $94,300 this week, testing a critical resistance level as short-term holders cashed out profits and institutional buyers stepped in. The move creates a pivotal moment for market direction, with Glassnode data revealing BTC briefly breached the Short-Term Holder Cost Basis at $92,900—a historical inflection point between bearish corrections and bullish rallies.
The pattern mirrors mid-2024 behavior where Bitcoin similarly crossed this threshold before retreating. Sustained trading above this level has typically preceded broader market advances, suggesting institutional accumulation could override retail profit-taking pressures.
Cantor Equity Stock Surges 134% Ahead of Planned Bitcoin SPAC Merger
Shares of Cantor Equity Partners (CEP), a blank-check company tied to Cantor Fitzgerald, skyrocketed 134% this week following its announcement of a planned merger with Twenty One—a Bitcoin-focused venture backed by Tether, Bitfinex, and SoftBank. The Nasdaq-listed SPAC surged 50% in a single day, reaching $24.80 per share as institutional interest in Bitcoin infrastructure intensifies.
The merger aims to create a publicly traded Bitcoin entity, leveraging CEP’s structure as a special-purpose acquisition vehicle. Market enthusiasm reflects growing confidence in crypto-native financial vehicles, with Cantor Fitzgerald’s established crypto custody services adding credibility to the venture.
Binance Holds 23% of BTC as Bitcoin Decouples from Stocks
Binance now controls nearly a quarter of all Bitcoin held on centralized exchanges, with its reserves untouched despite broader outflows from such platforms. The exchange’s 23% dominance in BTC custody reflects a clear preference among investors for deep liquidity and robust infrastructure.
Since March 2020, Binance has systematically increased its Bitcoin holdings while competitors saw reserves dwindle. This consolidation of liquidity could signal growing institutional confidence in the exchange’s stability as Bitcoin increasingly moves independently of traditional equity markets.
Metaplanet Hits Major Milestone: Over 5,000 BTC Accumulated Amid Strategic Bitcoin Treasury Expansion
Japanese investment firm Metaplanet has crossed a significant threshold in its Bitcoin accumulation strategy, now holding 5,000 BTC worth approximately $460 million. This marks the halfway point toward its ambitious goal of amassing 10,000 coins by the end of 2025.
The Tokyo-listed company’s latest purchase of 145 BTC at an average price of $93,327 per coin underscores its aggressive treasury expansion. "We will lead the global bitcoin race from Japan," declared CEO Simon Gerovich, positioning Metaplanet to become one of the world’s premier Bitcoin holding firms.
Bitcoin Whale Moves 50 BTC Mined in 2010, Now Worth $4.67 Million
A Bitcoin address holding 50 BTC since July 2010 has executed its first transaction after 15 years of dormancy. The coins, acquired when Bitcoin traded below $0.10, are now valued at $4.67 million—a gain exceeding 93,000,000%.
The movement of such early-mined Bitcoin underscores the staggering returns achieved by long-term holders. Market observers note these rare transactions often signal strategic portfolio rebalancing by OG investors.
