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After dipping as low as $94.5K on Tuesday, Bitcoin chopped back up to $100K this week despite conflicting economic data. Amid all of this, ETF flows remained positive every day, netting over $1.7B since Monday. For the next big announcement, all eyes are on the Fed meeting next week which the market expects to bring another 25 bps rate cut. Fingers crossed.
Contributing to positive sentiment was BlackRock, who stated they see Bitcoin as a reasonable addition to traditional portfolios. Their recommendation? A modest 1-2% allocation for balanced exposure. While Microsoft rejected adding BTC to its treasury, crypto mining companies like Riot and Mara embraced it wholeheartedly, adding billions to their treasuries. Meanwhile, MicroStrategy, which has been buying BTC at a faster clip than ever, is set to enter the Nasdaq 100.
Slowly and then all at once... @BlackRock recommending up to a 2% Bitcoin allocation is massive. The world's largest asset manager now sees $BTC alongside tech giants like Apple and Tesla. Institutions are here.
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