Bitcoin rises to 66249.44 USD as institutions and whales increase holdings

Bitcoin BTC 66,249.44 and the broader crypto market are rising as the White House agrees on an ethics package for the Clarity Act, potentially enhancing institutional participation. Institutions, primarily through U.S.-listed ETFs, are the main buyers, with spot bitcoin funds attracting over 700 million dollars in five days, marking the longest inflow streak since May. Tagus Capital noted this renewed interest contrasts with the 7.5 billion dollars in redemptions from mid-May to June. Onchain data indicates long-term holders are accumulating coins, while large Bitcoin whales have increased their positions over the past two months. Medium-sized wallets are selling, which could signal a constructive outlook for BTC, according to CryptoQuant. Glassnode reported a more balanced market compared to a month ago, with long-term conviction supporting prices. Additionally, participation in BTC futures and options is growing, with traders targeting 72,000 dollars by month-end. However, risks persist, particularly from U.S. Treasury bond issuances, which may drain liquidity and impact risk assets. Treasury bill settlements are expected to result in 56 billion dollars in new issuance, with further issuances anticipated, creating headwinds for risk assets through the summer.

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