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“Institutions and Whales Supported Bitcoin Despite Middle East Risks”
Bitcoin (BTC) has managed to maintain stable price levels despite geopolitical tensions, thanks to buying activity from institutional investors and whales, according to analysts. Paul Howard, Senior Director at trading and liquidity provider Wincent, said, “This recent buying was led by over-the-counter (OTC) traders anticipating an early resolution to the Iran conflict, along with Strategy (MSTR). Their moves could signal a restoration of confidence in risk assets. Meanwhile, there is also growing interest in a carry trade strategy that involves shorting Strategy shares while purchasing Bitcoin ETFs.”
Vikram Subburaj, CEO of Indian exchange Giottus, explained, “Spot Bitcoin ETFs have recorded $1.7 billion in net inflows since late February, reversing a four-month streak of net outflows. Additionally, whale wallets holding more than 1,000 BTC have taken advantage of the recent correction to accumulate.”
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