Bitcoin (BTC) price is down 7.8% recently, testing $60,000, but the bull run is far from over. Institutional investors are playing a critical role in Bitcoin’s rise, signaling a move towards $70,000. According to Glassnode data, Bitcoin exchange-traded funds (ETFs) now hold more than $58 billion worth of BTC, accounting for about 4.6% of the circulating supply and indicating strong demand for regulated exposure.
On-chain data is also bullish for Bitcoin. Institutional demand suggests that large-scale investors see Bitcoin as a valuable asset. As these investors continue to accumulate BTC through ETFs and other regulated instruments, the bull run could strengthen. Thus, a move towards $70,000 is possible.
Bitcoin’s macro outlook is a favorable environment for price appreciation. The net realized profit/loss indicator, which tracks investor sentiment, recently fell, suggesting that profit-taking is slowing. This change suggests that selling pressure is easing and that Bitcoin’s price could move higher. If institutional demand remains strong and selling pressure eases, BTC could enter a new bull run.
Additionally, the upcoming ADB presidential elections will also be an important factor. While serious increases are expected in cryptocurrencies if Donald Trump is re-elected, the election of Kamala Harris could create a more volatile market environment.
